Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,051/mo
Lowest payment- Down payment
- $54,338
- Funds due
- $62,782
- Interest + MI left
- $86,930
- First ends
- Oct 2051
Assumption
Assumption + second
$1,308/mo
+$257/mo- Down payment
- $22,338
- Funds due
- $32,040
- Interest + MI left
- $147,622
- First ends
- Oct 2051
New loan
New conventional
$1,541/mo
+$490/mo- Down payment
- $22,338
- Funds due
- $28,785
- Interest + MI left
- $292,108
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $160,662 | $160,662 | $192,662 |
| Second mortgage | — | $32,000 | — |
| First P&I | $753.61 | $753.61 | $1,333.95 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $128.58 | $128.58 | $38.53 |
| Taxes, insurance & HOA | $168.75 | $168.75 | $168.75 |
| Total housing payment | $1,050.93 | $1,308.41 | $1,541.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,338
Closing costs & prepaids$9,702
Usable credit−$0
Total buyer cash needed$32,040
Earnest money paid−$0
Remaining funds due$32,040
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$56.25
Prepaid interest, first (1 days)$12.68
Prepaid interest, second (1 days)$7.89
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 2.880%
Interest already paid$25,110Through Nov 2026
Assumption only · ends Oct 2051$86,930
Assumption + second · ends Oct 2051, second Dec 2056$147,622
New conventional · ends Dec 2056$292,108