Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,777/mo
Lowest payment- Down payment
- $111,194
- Funds due
- $124,033
- Interest + MI left
- $249,662
- First ends
- Feb 2052
Assumption
Assumption + second
$3,228/mo
+$451/mo- Down payment
- $55,194
- Funds due
- $69,366
- Interest + MI left
- $355,874
- First ends
- Feb 2052
New loan
New conventional
$3,830/mo
+$1,053/mo- Down payment
- $55,194
- Funds due
- $66,049
- Interest + MI left
- $722,026
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $437,806 | $437,806 | $493,806 |
| Second mortgage | — | $56,000 | — |
| First P&I | $2,046.52 | $2,046.52 | $3,345.21 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $344.27 | $344.27 | $98.76 |
| Taxes, insurance & HOA | $386.25 | $386.25 | $386.25 |
| Total housing payment | $2,777.04 | $3,227.63 | $3,830.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,194
Closing costs & prepaids$14,172
Usable credit−$0
Total buyer cash needed$69,366
Earnest money paid−$0
Remaining funds due$69,366
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$658.75
Prepaid interest, first (6 days)$215.18
Prepaid interest, second (6 days)$82.85
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 2.99%
Interest already paid$66,633Through Dec 2026
Assumption only · ends Feb 2052$249,662
Assumption + second · ends Feb 2052, second Jan 2057$355,874
New conventional · ends Jan 2057$722,026