Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,351/mo
Lowest payment- Down payment
- $96,175
- Funds due
- $105,614
- Interest + MI left
- $113,628
- First ends
- Aug 2051
Assumption
Assumption + second
$1,882/mo
+$531/mo- Down payment
- $30,175
- Funds due
- $40,880
- Interest + MI left
- $238,806
- First ends
- Aug 2051
New loan
New conventional
$2,126/mo
+$775/mo- Down payment
- $30,175
- Funds due
- $37,549
- Interest + MI left
- $404,605
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,825 | $200,825 | $266,825 |
| Second mortgage | — | $66,000 | — |
| First P&I | $965.07 | $965.07 | $1,847.44 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $160.90 | $160.90 | $53.37 |
| Taxes, insurance & HOA | $225.42 | $225.42 | $225.42 |
| Total housing payment | $1,351.38 | $1,882.43 | $2,126.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,175
Closing costs & prepaids$10,704
Usable credit−$0
Total buyer cash needed$40,880
Earnest money paid−$0
Remaining funds due$40,880
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,970.00
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)$226.25
Prepaid interest, first (1 days)$16.84
Prepaid interest, second (1 days)$16.27
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 9 moOf the original 30-year loan at 3.060%
Interest already paid$34,468Through Nov 2026
Assumption only · ends Aug 2051$113,628
Assumption + second · ends Aug 2051, second Dec 2056$238,806
New conventional · ends Dec 2056$404,605