Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,717/mo
Lowest payment- Down payment
- $69,475
- Funds due
- $79,374
- Interest + MI left
- $149,574
- First ends
- Jan 2052
Assumption
Assumption + second
$1,991/mo
+$274/mo- Down payment
- $35,475
- Funds due
- $46,632
- Interest + MI left
- $214,060
- First ends
- Jan 2052
New loan
New conventional
$2,422/mo
+$705/mo- Down payment
- $35,475
- Funds due
- $43,260
- Interest + MI left
- $469,292
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,525 | $275,525 | $309,525 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,280.76 | $1,280.76 | $2,143.09 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $219.08 | $219.08 | $61.91 |
| Taxes, insurance & HOA | $217.25 | $217.25 | $217.25 |
| Total housing payment | $1,717.09 | $1,990.66 | $2,422.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,475
Closing costs & prepaids$11,157
Usable credit−$0
Total buyer cash needed$46,632
Earnest money paid−$0
Remaining funds due$46,632
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$201.75
Prepaid interest, first (1 days)$21.59
Prepaid interest, second (1 days)$8.38
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 2 moOf the original 30-year loan at 2.860%
Interest already paid$40,515Through Nov 2026
Assumption only · ends Jan 2052$149,574
Assumption + second · ends Jan 2052, second Dec 2056$214,060
New conventional · ends Dec 2056$469,292