Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,364/mo
Lowest payment- Down payment
- $125,752
- Funds due
- $137,549
- Interest + MI left
- $237,717
- First ends
- Jun 2052
Assumption
Assumption + second
$3,000/mo
+$636/mo- Down payment
- $46,752
- Funds due
- $59,819
- Interest + MI left
- $387,552
- First ends
- Jun 2052
New loan
New conventional
$3,359/mo
+$994/mo- Down payment
- $46,752
- Funds due
- $56,332
- Interest + MI left
- $634,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,248 | $339,248 | $418,248 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,722.06 | $1,722.06 | $2,895.86 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $263.07 | $263.07 | $83.65 |
| Taxes, insurance & HOA | $379.17 | $379.17 | $379.17 |
| Total housing payment | $2,364.30 | $2,999.95 | $3,358.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,752
Closing costs & prepaids$13,067
Usable credit−$0
Total buyer cash needed$59,819
Earnest money paid−$0
Remaining funds due$59,819
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$637.50
Prepaid interest, first (1 days)$34.95
Prepaid interest, second (1 days)$19.48
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 closing25 yr 7 moOf the original 30-year loan at 3.760%
Interest already paid$59,130Through Nov 2026
Assumption only · ends Jun 2052$237,717
Assumption + second · ends Jun 2052, second Dec 2056$387,552
New conventional · ends Dec 2056$634,301