Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,109/mo
Lowest payment- Down payment
- $79,627
- Funds due
- $88,664
- Interest + MI left
- $78,582
- First ends
- Jan 2052
Assumption
Assumption + second
$1,568/mo
+$459/mo- Down payment
- $22,627
- Funds due
- $32,985
- Interest + MI left
- $186,691
- First ends
- Jan 2052
New loan
New conventional
$1,710/mo
+$601/mo- Down payment
- $22,627
- Funds due
- $29,774
- Interest + MI left
- $287,822
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,873 | $139,873 | $196,873 |
| Second mortgage | — | $57,000 | — |
| First P&I | $661.08 | $661.08 | $1,333.69 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $111.21 | $111.21 | $39.37 |
| Taxes, insurance & HOA | $336.58 | $336.58 | $336.58 |
| Total housing payment | $1,108.88 | $1,567.51 | $1,709.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,627
Closing costs & prepaids$10,357
Usable credit−$0
Total buyer cash needed$32,985
Earnest money paid−$0
Remaining funds due$32,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,195.00
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)$559.75
Prepaid interest, first (5 days)$57.29
Prepaid interest, second (5 days)$70.27
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 yr 1 moOf the original 30-year loan at 2.99%
Interest already paid$21,874Through Dec 2026
Assumption only · ends Jan 2052$78,582
Assumption + second · ends Jan 2052, second Jan 2057$186,691
New conventional · ends Jan 2057$287,822