Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,428/mo
Lowest payment- Down payment
- $86,053
- Funds due
- $95,801
- Interest + MI left
- $96,894
- First ends
- Apr 2051
Assumption
Assumption + second
$1,895/mo
+$467/mo- Down payment
- $28,053
- Funds due
- $39,122
- Interest + MI left
- $206,899
- First ends
- Apr 2051
New loan
New conventional
$2,106/mo
+$678/mo- Down payment
- $28,053
- Funds due
- $35,892
- Interest + MI left
- $361,028
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,947 | $188,947 | $246,947 |
| Second mortgage | — | $58,000 | — |
| First P&I | $890.19 | $890.19 | $1,672.90 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $154.06 | $154.06 | $49.39 |
| Taxes, insurance & HOA | $383.75 | $383.75 | $383.75 |
| Total housing payment | $1,427.99 | $1,894.68 | $2,106.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,053
Closing costs & prepaids$11,069
Usable credit−$0
Total buyer cash needed$39,122
Earnest money paid−$0
Remaining funds due$39,122
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$701.25
Prepaid interest, first (5 days)$71.70
Prepaid interest, second (5 days)$71.51
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 2.77%
Interest already paid$31,990Through Dec 2026
Assumption only · ends Apr 2051$96,894
Assumption + second · ends Apr 2051, second Jan 2057$206,899
New conventional · ends Jan 2057$361,028