Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,301/mo
Lowest payment- Down payment
- $53,400
- Funds due
- $62,544
- Interest + MI left
- $96,410
- First ends
- Dec 2051
Assumption
Assumption + second
$1,542/mo
+$241/mo- Down payment
- $23,400
- Funds due
- $33,831
- Interest + MI left
- $153,309
- First ends
- Dec 2051
New loan
New conventional
$1,763/mo
+$462/mo- Down payment
- $23,400
- Funds due
- $30,640
- Interest + MI left
- $297,656
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,600 | $173,600 | $203,600 |
| Second mortgage | — | $30,000 | — |
| First P&I | $819.63 | $819.63 | $1,379.26 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $138.41 | $138.41 | $40.72 |
| Taxes, insurance & HOA | $342.92 | $342.92 | $342.92 |
| Total housing payment | $1,300.95 | $1,542.34 | $1,762.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,400
Closing costs & prepaids$10,431
Usable credit−$0
Total buyer cash needed$33,831
Earnest money paid−$0
Remaining funds due$33,831
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,270.00
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)$578.75
Prepaid interest, first (5 days)$70.39
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 closing25 yrOf the original 30-year loan at 2.96%
Interest already paid$27,373Through Dec 2026
Assumption only · ends Dec 2051$96,410
Assumption + second · ends Dec 2051, second Jan 2057$153,309
New conventional · ends Jan 2057$297,656