Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,737/mo
Lowest payment- Down payment
- $40,662
- Funds due
- $50,298
- Interest + MI left
- $155,649
- First ends
- Feb 2052
Assumption
Assumption + second
$1,992/mo
+$255/mo- Down payment
- $15,662
- Funds due
- $26,557
- Interest + MI left
- $222,359
- First ends
- Feb 2052
New loan
New conventional
$2,343/mo
+$605/mo- Down payment
- $15,662
- Funds due
- $23,379
- Interest + MI left
- $447,821
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,238 | $269,238 | $294,238 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,278.11 | $1,278.11 | $2,037.24 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $212.82 | $212.82 | $58.85 |
| Taxes, insurance & HOA | $246.50 | $246.50 | $246.50 |
| Total housing payment | $1,737.43 | $1,992.18 | $2,342.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,662
Closing costs & prepaids$10,894
Usable credit−$0
Total buyer cash needed$26,557
Earnest money paid−$0
Remaining funds due$26,557
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$289.50
Prepaid interest, first (1 days)$22.65
Prepaid interest, second (1 days)$8.13
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$41,633Through Nov 2026
Assumption only · ends Feb 2052$155,649
Assumption + second · ends Feb 2052, second Dec 2056$222,359
New conventional · ends Dec 2056$447,821