Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,232/mo
Lowest payment- Down payment
- $63,099
- Funds due
- $72,208
- Interest + MI left
- $81,806
- First ends
- Apr 2051
Assumption
Assumption + second
$1,554/mo
+$322/mo- Down payment
- $23,099
- Funds due
- $33,507
- Interest + MI left
- $157,672
- First ends
- Apr 2051
New loan
New conventional
$1,749/mo
+$517/mo- Down payment
- $23,099
- Funds due
- $30,315
- Interest + MI left
- $295,172
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,901 | $161,901 | $201,901 |
| Second mortgage | — | $40,000 | — |
| First P&I | $758.65 | $758.65 | $1,367.75 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $132.15 | $132.15 | $40.38 |
| Taxes, insurance & HOA | $341.25 | $341.25 | $341.25 |
| Total housing payment | $1,232.04 | $1,553.89 | $1,749.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,099
Closing costs & prepaids$10,408
Usable credit−$0
Total buyer cash needed$33,507
Earnest money paid−$0
Remaining funds due$33,507
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$573.75
Prepaid interest, first (5 days)$60.32
Prepaid interest, second (5 days)$49.32
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 4 moOf the original 30-year loan at 2.72%
Interest already paid$26,931Through Dec 2026
Assumption only · ends Apr 2051$81,806
Assumption + second · ends Apr 2051, second Jan 2057$157,672
New conventional · ends Jan 2057$295,172