Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,409/mo
Lowest payment- Down payment
- $105,549
- Funds due
- $115,168
- Interest + MI left
- $128,680
- First ends
- Mar 2052
Assumption
Assumption + second
$1,996/mo
+$587/mo- Down payment
- $32,549
- Funds due
- $43,436
- Interest + MI left
- $267,135
- First ends
- Mar 2052
New loan
New conventional
$2,275/mo
+$866/mo- Down payment
- $32,549
- Funds due
- $40,083
- Interest + MI left
- $443,522
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,451 | $219,451 | $292,451 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,044.10 | $1,044.10 | $2,024.87 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $172.98 | $172.98 | $58.49 |
| Taxes, insurance & HOA | $191.75 | $191.75 | $191.75 |
| Total housing payment | $1,408.83 | $1,996.20 | $2,275.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,549
Closing costs & prepaids$10,887
Usable credit−$0
Total buyer cash needed$43,436
Earnest money paid−$0
Remaining funds due$43,436
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$125.25
Prepaid interest, first (1 days)$18.70
Prepaid interest, second (1 days)$18.00
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 4 moOf the original 30-year loan at 3.110%
Interest already paid$33,721Through Nov 2026
Assumption only · ends Mar 2052$128,680
Assumption + second · ends Mar 2052, second Dec 2056$267,135
New conventional · ends Dec 2056$443,522