Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,173/mo
Lowest payment- Down payment
- $80,345
- Funds due
- $91,386
- Interest + MI left
- $192,814
- First ends
- Feb 2052
Assumption
Assumption + second
$2,478/mo
+$306/mo- Down payment
- $42,345
- Funds due
- $54,692
- Interest + MI left
- $264,886
- First ends
- Feb 2052
New loan
New conventional
$2,914/mo
+$742/mo- Down payment
- $42,345
- Funds due
- $51,433
- Interest + MI left
- $544,663
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,555 | $334,555 | $372,555 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,591.66 | $1,591.66 | $2,523.82 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $265.03 | $265.03 | $74.51 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,172.70 | $2,478.46 | $2,914.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,345
Closing costs & prepaids$12,347
Usable credit−$0
Total buyer cash needed$54,692
Earnest money paid−$0
Remaining funds due$54,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.00
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)$498.00
Prepaid interest, first (6 days)$168.84
Prepaid interest, second (6 days)$56.22
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$52,704Through Dec 2026
Assumption only · ends Feb 2052$192,814
Assumption + second · ends Feb 2052, second Jan 2057$264,886
New conventional · ends Jan 2057$544,663