Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,819/mo
Lowest payment- Down payment
- $70,257
- Funds due
- $80,294
- Interest + MI left
- $168,322
- First ends
- Feb 2052
Assumption
Assumption + second
$2,093/mo
+$274/mo- Down payment
- $36,257
- Funds due
- $47,552
- Interest + MI left
- $232,807
- First ends
- Feb 2052
New loan
New conventional
$2,515/mo
+$696/mo- Down payment
- $36,257
- Funds due
- $44,173
- Interest + MI left
- $489,397
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,743 | $288,743 | $322,743 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,375.24 | $1,375.24 | $2,234.61 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $228.13 | $228.13 | $64.55 |
| Taxes, insurance & HOA | $215.92 | $215.92 | $215.92 |
| Total housing payment | $1,819.29 | $2,092.86 | $2,515.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,257
Closing costs & prepaids$11,296
Usable credit−$0
Total buyer cash needed$47,552
Earnest money paid−$0
Remaining funds due$47,552
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$197.75
Prepaid interest, first (1 days)$24.52
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$45,073Through Nov 2026
Assumption only · ends Feb 2052$168,322
Assumption + second · ends Feb 2052, second Dec 2056$232,807
New conventional · ends Dec 2056$489,397