Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,696/mo
Lowest payment- Down payment
- $60,322
- Funds due
- $70,339
- Interest + MI left
- $122,514
- First ends
- Jun 2051
Assumption
Assumption + second
$1,938/mo
+$241/mo- Down payment
- $30,322
- Funds due
- $41,626
- Interest + MI left
- $179,413
- First ends
- Jun 2051
New loan
New conventional
$2,247/mo
+$551/mo- Down payment
- $30,322
- Funds due
- $38,406
- Interest + MI left
- $386,950
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,678 | $234,678 | $264,678 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,105.17 | $1,105.17 | $1,793.02 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $190.27 | $190.27 | $52.94 |
| Taxes, insurance & HOA | $400.75 | $400.75 | $400.75 |
| Total housing payment | $1,696.20 | $1,937.58 | $2,246.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,322
Closing costs & prepaids$11,305
Usable credit−$0
Total buyer cash needed$41,626
Earnest money paid−$0
Remaining funds due$41,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$752.25
Prepaid interest, first (5 days)$90.33
Prepaid interest, second (5 days)$36.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 6 moOf the original 30-year loan at 2.81%
Interest already paid$39,000Through Dec 2026
Assumption only · ends Jun 2051$122,514
Assumption + second · ends Jun 2051, second Jan 2057$179,413
New conventional · ends Jan 2057$386,950