Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,759/mo
Lowest payment- Down payment
- $170,964
- Funds due
- $182,134
- Interest + MI left
- $149,233
- First ends
- Feb 2052
Assumption
Assumption + second
$2,691/mo
+$932/mo- Down payment
- $43,964
- Funds due
- $56,551
- Interest + MI left
- $357,710
- First ends
- Feb 2052
New loan
New conventional
$3,014/mo
+$1,255/mo- Down payment
- $43,964
- Funds due
- $53,220
- Interest + MI left
- $564,225
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,936 | $258,936 | $385,936 |
| Second mortgage | — | $127,000 | — |
| First P&I | $1,231.90 | $1,231.90 | $2,614.46 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $205.13 | $205.13 | $77.19 |
| Taxes, insurance & HOA | $322.00 | $322.00 | $322.00 |
| Total housing payment | $1,759.03 | $2,690.92 | $3,013.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,964
Closing costs & prepaids$12,588
Usable credit−$0
Total buyer cash needed$56,551
Earnest money paid−$0
Remaining funds due$56,551
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Prepaid interest, first (6 days)$130.67
Prepaid interest, second (6 days)$167.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 3.07%
Interest already paid$40,792Through Dec 2026
Assumption only · ends Feb 2052$149,233
Assumption + second · ends Feb 2052, second Jan 2057$357,710
New conventional · ends Jan 2057$564,225