Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,745/mo
Lowest payment- Down payment
- $131,926
- Funds due
- $142,503
- Interest + MI left
- $153,634
- First ends
- Jan 2052
Assumption
Assumption + second
$2,477/mo
+$732/mo- Down payment
- $40,926
- Funds due
- $52,775
- Interest + MI left
- $326,228
- First ends
- Jan 2052
New loan
New conventional
$2,818/mo
+$1,073/mo- Down payment
- $40,926
- Funds due
- $49,344
- Interest + MI left
- $544,473
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,064 | $268,064 | $359,064 |
| Second mortgage | — | $91,000 | — |
| First P&I | $1,272.53 | $1,272.53 | $2,486.09 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $212.43 | $212.43 | $71.81 |
| Taxes, insurance & HOA | $259.75 | $259.75 | $259.75 |
| Total housing payment | $1,744.71 | $2,476.92 | $2,817.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,926
Closing costs & prepaids$11,849
Usable credit−$0
Total buyer cash needed$52,775
Earnest money paid−$0
Remaining funds due$52,775
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$329.25
Prepaid interest, first (1 days)$22.40
Prepaid interest, second (1 days)$22.44
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 3.050%
Interest already paid$41,962Through Nov 2026
Assumption only · ends Jan 2052$153,634
Assumption + second · ends Jan 2052, second Dec 2056$326,228
New conventional · ends Dec 2056$544,473