Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,459/mo
Lowest payment- Down payment
- $52,867
- Funds due
- $62,292
- Interest + MI left
- $107,757
- First ends
- Aug 2051
Assumption
Assumption + second
$1,676/mo
+$217/mo- Down payment
- $25,867
- Funds due
- $36,569
- Interest + MI left
- $158,966
- First ends
- Aug 2051
New loan
New conventional
$1,914/mo
+$456/mo- Down payment
- $25,867
- Funds due
- $33,344
- Interest + MI left
- $323,625
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $197,033 | $197,033 | $224,033 |
| Second mortgage | — | $27,000 | — |
| First P&I | $937.73 | $937.73 | $1,507.08 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $158.56 | $158.56 | $44.81 |
| Taxes, insurance & HOA | $362.42 | $362.42 | $362.42 |
| Total housing payment | $1,458.71 | $1,675.96 | $1,914.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,867
Closing costs & prepaids$10,702
Usable credit−$0
Total buyer cash needed$36,569
Earnest money paid−$0
Remaining funds due$36,569
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$637.25
Prepaid interest, first (4 days)$63.70
Prepaid interest, second (4 days)$26.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 8 moOf the original 30-year loan at 2.95%
Interest already paid$33,198Through Dec 2026
Assumption only · ends Aug 2051$107,757
Assumption + second · ends Aug 2051, second Jan 2057$158,966
New conventional · ends Jan 2057$323,625