Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,592/mo
Lowest payment- Down payment
- $61,316
- Funds due
- $71,118
- Interest + MI left
- $119,889
- First ends
- Sep 2051
Assumption
Assumption + second
$1,858/mo
+$266/mo- Down payment
- $28,316
- Funds due
- $39,409
- Interest + MI left
- $182,478
- First ends
- Sep 2051
New loan
New conventional
$2,128/mo
+$535/mo- Down payment
- $28,316
- Funds due
- $36,192
- Interest + MI left
- $365,029
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,684 | $216,684 | $249,684 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,032.27 | $1,032.27 | $1,691.45 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $173.88 | $173.88 | $49.94 |
| Taxes, insurance & HOA | $386.33 | $386.33 | $386.33 |
| Total housing payment | $1,592.48 | $1,858.00 | $2,127.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,316
Closing costs & prepaids$11,093
Usable credit−$0
Total buyer cash needed$39,409
Earnest money paid−$0
Remaining funds due$39,409
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,780.00
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)$709.00
Prepaid interest, first (5 days)$88.45
Prepaid interest, second (5 days)$40.68
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 2.98%
Interest already paid$36,246Through Dec 2026
Assumption only · ends Sep 2051$119,889
Assumption + second · ends Sep 2051, second Jan 2057$182,478
New conventional · ends Jan 2057$365,029