Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,280/mo
Lowest payment- Down payment
- $37,359
- Funds due
- $46,117
- Interest + MI left
- $108,527
- First ends
- Feb 2052
Assumption
Assumption + second
$1,535/mo
+$255/mo- Down payment
- $12,359
- Funds due
- $22,375
- Interest + MI left
- $175,237
- First ends
- Feb 2052
New loan
New conventional
$1,772/mo
+$492/mo- Down payment
- $12,359
- Funds due
- $19,222
- Interest + MI left
- $331,003
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $192,541 | $192,541 | $217,541 |
| Second mortgage | — | $25,000 | — |
| First P&I | $904.98 | $904.98 | $1,506.21 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $152.43 | $152.43 | $43.51 |
| Taxes, insurance & HOA | $222.75 | $222.75 | $222.75 |
| Total housing payment | $1,280.16 | $1,534.91 | $1,772.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,359
Closing costs & prepaids$10,016
Usable credit−$0
Total buyer cash needed$22,375
Earnest money paid−$0
Remaining funds due$22,375
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,299.00
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)$218.25
Prepaid interest, first (1 days)$15.72
Prepaid interest, second (1 days)$8.13
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 2.980%
Interest already paid$28,924Through Nov 2026
Assumption only · ends Feb 2052$108,527
Assumption + second · ends Feb 2052, second Dec 2056$175,237
New conventional · ends Dec 2056$331,003