Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,175/mo
Lowest payment- Down payment
- $69,506
- Funds due
- $78,354
- Interest + MI left
- $96,195
- First ends
- Jul 2051
Assumption
Assumption + second
$1,546/mo
+$370/mo- Down payment
- $23,506
- Funds due
- $33,615
- Interest + MI left
- $183,441
- First ends
- Jul 2051
New loan
New conventional
$1,743/mo
+$567/mo- Down payment
- $23,506
- Funds due
- $30,347
- Interest + MI left
- $320,745
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,494 | $165,494 | $211,494 |
| Second mortgage | — | $46,000 | — |
| First P&I | $806.60 | $806.60 | $1,464.34 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $132.61 | $132.61 | $42.30 |
| Taxes, insurance & HOA | $236.17 | $236.17 | $236.17 |
| Total housing payment | $1,175.38 | $1,545.50 | $1,742.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,506
Closing costs & prepaids$10,109
Usable credit−$0
Total buyer cash needed$33,615
Earnest money paid−$0
Remaining funds due$33,615
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)$258.50
Prepaid interest, first (1 days)$14.37
Prepaid interest, second (1 days)$11.34
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 3.170%
Interest already paid$29,896Through Nov 2026
Assumption only · ends Jul 2051$96,195
Assumption + second · ends Jul 2051, second Dec 2056$183,441
New conventional · ends Dec 2056$320,745