Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $81,080
- Funds due
- $92,230
- Interest + MI left
- $235,315
- First ends
- Jun 2052
Assumption
Assumption + second
$2,606/mo
+$314/mo- Down payment
- $42,080
- Funds due
- $54,547
- Interest + MI left
- $309,284
- First ends
- Jun 2052
New loan
New conventional
$2,939/mo
+$646/mo- Down payment
- $42,080
- Funds due
- $51,283
- Interest + MI left
- $549,657
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $336,920 | $336,920 | $375,920 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,713.57 | $1,713.57 | $2,546.61 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $261.77 | $261.77 | $75.18 |
| Taxes, insurance & HOA | $317.17 | $317.17 | $317.17 |
| Total housing payment | $2,292.50 | $2,606.31 | $2,938.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,080
Closing costs & prepaids$12,467
Usable credit−$0
Total buyer cash needed$54,547
Earnest money paid−$0
Remaining funds due$54,547
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,180.00
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)$501.50
Prepaid interest, first (7 days)$242.95
Prepaid interest, second (7 days)$67.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 3.76%
Interest already paid$59,897Through Dec 2026
Assumption only · ends Jun 2052$235,315
Assumption + second · ends Jun 2052, second Jan 2057$309,284
New conventional · ends Jan 2057$549,657