Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,038/mo
Lowest payment- Down payment
- $45,699
- Funds due
- $56,115
- Interest + MI left
- $181,141
- First ends
- Feb 2052
Assumption
Assumption + second
$2,313/mo
+$275/mo- Down payment
- $18,699
- Funds due
- $30,417
- Interest + MI left
- $253,188
- First ends
- Feb 2052
New loan
New conventional
$2,674/mo
+$636/mo- Down payment
- $18,699
- Funds due
- $27,372
- Interest + MI left
- $500,813
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,301 | $314,301 | $341,301 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,495.31 | $1,495.31 | $2,312.09 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $248.99 | $248.99 | $68.26 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $2,038.29 | $2,313.43 | $2,674.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,699
Closing costs & prepaids$11,718
Usable credit−$0
Total buyer cash needed$30,417
Earnest money paid−$0
Remaining funds due$30,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (6 days)$158.61
Prepaid interest, second (6 days)$52.71
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$49,514Through Dec 2026
Assumption only · ends Feb 2052$181,141
Assumption + second · ends Feb 2052, second Jan 2057$253,188
New conventional · ends Jan 2057$500,813