Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$606/mo
Lowest payment- Down payment
- $62,689
- Funds due
- $70,381
- Interest + MI left
- $43,847
- First ends
- Jul 2051
Assumption
Assumption + second
$992/mo
+$386/mo- Down payment
- $14,689
- Funds due
- $23,643
- Interest + MI left
- $134,886
- First ends
- Jul 2051
New loan
New conventional
$1,063/mo
+$457/mo- Down payment
- $14,689
- Funds due
- $20,454
- Interest + MI left
- $189,967
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $77,311 | $77,311 | $125,311 |
| Second mortgage | — | $48,000 | — |
| First P&I | $373.17 | $373.17 | $867.63 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $62.06 | $62.06 | $25.06 |
| Taxes, insurance & HOA | $170.33 | $170.33 | $170.33 |
| Total housing payment | $605.56 | $991.78 | $1,063.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,689
Closing costs & prepaids$8,954
Usable credit−$0
Total buyer cash needed$23,643
Earnest money paid−$0
Remaining funds due$23,643
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,400.00
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)$61.00
Prepaid interest, first (1 days)$6.52
Prepaid interest, second (1 days)$11.84
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 8 moOf the original 30-year loan at 3.080%
Interest already paid$13,582Through Nov 2026
Assumption only · ends Jul 2051$43,847
Assumption + second · ends Jul 2051, second Dec 2056$134,886
New conventional · ends Dec 2056$189,967