Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,527/mo
Lowest payment- Down payment
- $79,682
- Funds due
- $89,348
- Interest + MI left
- $128,051
- First ends
- Dec 2051
Assumption
Assumption + second
$1,913/mo
+$386/mo- Down payment
- $31,682
- Funds due
- $42,609
- Interest + MI left
- $219,090
- First ends
- Dec 2051
New loan
New conventional
$2,259/mo
+$732/mo- Down payment
- $31,682
- Funds due
- $39,269
- Interest + MI left
- $429,519
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,218 | $235,218 | $283,218 |
| Second mortgage | — | $48,000 | — |
| First P&I | $1,098.31 | $1,098.31 | $1,960.94 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $187.39 | $187.39 | $56.64 |
| Taxes, insurance & HOA | $240.92 | $240.92 | $240.92 |
| Total housing payment | $1,526.61 | $1,912.83 | $2,258.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,682
Closing costs & prepaids$10,927
Usable credit−$0
Total buyer cash needed$42,609
Earnest money paid−$0
Remaining funds due$42,609
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,149.00
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)$272.75
Prepaid interest, first (1 days)$18.56
Prepaid interest, second (1 days)$11.84
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 1 moOf the original 30-year loan at 2.880%
Interest already paid$35,468Through Nov 2026
Assumption only · ends Dec 2051$128,051
Assumption + second · ends Dec 2051, second Dec 2056$219,090
New conventional · ends Dec 2056$429,519