Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,043/mo
Lowest payment- Down payment
- $82,094
- Funds due
- $90,819
- Interest + MI left
- $78,619
- First ends
- Jan 2051
Assumption
Assumption + second
$1,510/mo
+$467/mo- Down payment
- $24,094
- Funds due
- $34,097
- Interest + MI left
- $188,624
- First ends
- Jan 2051
New loan
New conventional
$1,694/mo
+$651/mo- Down payment
- $24,094
- Funds due
- $30,840
- Interest + MI left
- $319,811
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $152,906 | $152,906 | $210,906 |
| Second mortgage | — | $58,000 | — |
| First P&I | $726.21 | $726.21 | $1,460.27 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $125.19 | $125.19 | $42.18 |
| Taxes, insurance & HOA | $192.00 | $192.00 | $192.00 |
| Total housing payment | $1,043.40 | $1,510.08 | $1,694.45 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,094
Closing costs & prepaids$10,003
Usable credit−$0
Total buyer cash needed$34,097
Earnest money paid−$0
Remaining funds due$34,097
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$126.00
Prepaid interest, first (2 days)$23.46
Prepaid interest, second (2 days)$28.60
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 2.800%
Interest already paid$27,002Through Nov 2026
Assumption only · ends Jan 2051$78,619
Assumption + second · ends Jan 2051, second Dec 2056$188,624
New conventional · ends Dec 2056$319,811