Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,179/mo
Lowest payment- Down payment
- $75,084
- Funds due
- $83,995
- Interest + MI left
- $97,857
- First ends
- Aug 2051
Assumption
Assumption + second
$1,581/mo
+$402/mo- Down payment
- $25,084
- Funds due
- $35,269
- Interest + MI left
- $192,689
- First ends
- Aug 2051
New loan
New conventional
$1,801/mo
+$622/mo- Down payment
- $25,084
- Funds due
- $32,005
- Interest + MI left
- $339,584
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $173,916 | $173,916 | $223,916 |
| Second mortgage | — | $50,000 | — |
| First P&I | $833.94 | $833.94 | $1,550.35 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $139.40 | $139.40 | $44.78 |
| Taxes, insurance & HOA | $205.42 | $205.42 | $205.42 |
| Total housing payment | $1,178.76 | $1,581.07 | $1,800.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,084
Closing costs & prepaids$10,185
Usable credit−$0
Total buyer cash needed$35,269
Earnest money paid−$0
Remaining funds due$35,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$166.25
Prepaid interest, first (2 days)$28.97
Prepaid interest, second (2 days)$24.66
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 9 moOf the original 30-year loan at 3.040%
Interest already paid$29,660Through Nov 2026
Assumption only · ends Aug 2051$97,857
Assumption + second · ends Aug 2051, second Dec 2056$192,689
New conventional · ends Dec 2056$339,584