Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,416/mo
Lowest payment- Down payment
- $61,173
- Funds due
- $70,380
- Interest + MI left
- $126,505
- First ends
- Feb 2052
Assumption
Assumption + second
$1,682/mo
+$266/mo- Down payment
- $28,173
- Funds due
- $38,638
- Interest + MI left
- $189,094
- First ends
- Feb 2052
New loan
New conventional
$1,998/mo
+$582/mo- Down payment
- $28,173
- Funds due
- $35,331
- Interest + MI left
- $381,911
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,826 | $218,826 | $251,826 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,038.80 | $1,038.80 | $1,743.59 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $172.98 | $172.98 | $50.37 |
| Taxes, insurance & HOA | $204.50 | $204.50 | $204.50 |
| Total housing payment | $1,416.27 | $1,681.80 | $1,998.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,173
Closing costs & prepaids$10,465
Usable credit−$0
Total buyer cash needed$38,638
Earnest money paid−$0
Remaining funds due$38,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.99
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)$163.50
Prepaid interest, first (1 days)$18.41
Prepaid interest, second (1 days)$8.14
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$33,838Through Nov 2026
Assumption only · ends Feb 2052$126,505
Assumption + second · ends Feb 2052, second Dec 2056$189,094
New conventional · ends Dec 2056$381,911