Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,734/mo
Lowest payment- Down payment
- $72,331
- Funds due
- $84,611
- Interest + MI left
- $245,902
- First ends
- Feb 2052
Assumption
Assumption + second
$3,213/mo
+$479/mo- Down payment
- $25,331
- Funds due
- $38,952
- Interest + MI left
- $371,317
- First ends
- Feb 2052
New loan
New conventional
$3,670/mo
+$936/mo- Down payment
- $25,331
- Funds due
- $35,900
- Interest + MI left
- $695,140
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,669 | $426,669 | $473,669 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,029.90 | $2,029.90 | $3,208.80 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $338.01 | $338.01 | $94.73 |
| Taxes, insurance & HOA | $366.25 | $366.25 | $366.25 |
| Total housing payment | $2,734.16 | $3,213.09 | $3,669.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,331
Closing costs & prepaids$13,621
Usable credit−$0
Total buyer cash needed$38,952
Earnest money paid−$0
Remaining funds due$38,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Prepaid interest, first (6 days)$215.32
Prepaid interest, second (6 days)$91.75
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$67,216Through Dec 2026
Assumption only · ends Feb 2052$245,902
Assumption + second · ends Feb 2052, second Jan 2057$371,317
New conventional · ends Jan 2057$695,140