Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,993/mo
Lowest payment- Down payment
- $80,204
- Funds due
- $93,075
- Interest + MI left
- $270,700
- First ends
- Feb 2052
Assumption
Assumption + second
$3,195/mo
+$201/mo- Down payment
- $55,204
- Funds due
- $69,362
- Interest + MI left
- $318,116
- First ends
- Feb 2052
New loan
New conventional
$3,837/mo
+$843/mo- Down payment
- $55,204
- Funds due
- $66,070
- Interest + MI left
- $723,327
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $469,696 | $469,696 | $494,696 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,234.61 | $2,234.61 | $3,351.24 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $372.09 | $372.09 | $98.94 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,993.37 | $3,194.52 | $3,836.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,204
Closing costs & prepaids$14,158
Usable credit−$0
Total buyer cash needed$69,362
Earnest money paid−$0
Remaining funds due$69,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Prepaid interest, first (6 days)$237.04
Prepaid interest, second (6 days)$36.99
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$73,994Through Dec 2026
Assumption only · ends Feb 2052$270,700
Assumption + second · ends Feb 2052, second Jan 2057$318,116
New conventional · ends Jan 2057$723,327