Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,509/mo
Lowest payment- Down payment
- $44,860
- Funds due
- $54,307
- Interest + MI left
- $114,784
- First ends
- Sep 2051
Assumption
Assumption + second
$1,835/mo
+$326/mo- Down payment
- $12,860
- Funds due
- $23,609
- Interest + MI left
- $200,173
- First ends
- Sep 2051
New loan
New conventional
$2,016/mo
+$508/mo- Down payment
- $12,860
- Funds due
- $20,527
- Interest + MI left
- $347,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,140 | $205,140 | $237,140 |
| Second mortgage | — | $32,000 | — |
| First P&I | $981.53 | $981.53 | $1,606.47 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $164.49 | $164.49 | $47.43 |
| Taxes, insurance & HOA | $362.50 | $362.50 | $362.50 |
| Total housing payment | $1,508.52 | $1,834.60 | $2,016.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,860
Closing costs & prepaids$10,749
Usable credit−$0
Total buyer cash needed$23,609
Earnest money paid−$0
Remaining funds due$23,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Prepaid interest, first (5 days)$84.87
Prepaid interest, second (5 days)$52.05
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 9 moOf the original 30-year loan at 3.02%
Interest already paid$34,762Through Dec 2026
Assumption only · ends Sep 2051$114,784
Assumption + second · ends Sep 2051, second Jan 2057$200,173
New conventional · ends Jan 2057$347,971