Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,155/mo
Lowest payment- Down payment
- $56,797
- Funds due
- $67,657
- Interest + MI left
- $180,898
- First ends
- Mar 2052
Assumption
Assumption + second
$2,522/mo
+$367/mo- Down payment
- $20,797
- Funds due
- $32,977
- Interest + MI left
- $276,960
- First ends
- Mar 2052
New loan
New conventional
$2,955/mo
+$800/mo- Down payment
- $20,797
- Funds due
- $29,942
- Interest + MI left
- $556,429
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,203 | $343,203 | $379,203 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,572.33 | $1,572.33 | $2,568.85 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $272.81 | $272.81 | $75.84 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,155.15 | $2,521.99 | $2,954.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,797
Closing costs & prepaids$12,180
Usable credit−$0
Total buyer cash needed$32,977
Earnest money paid−$0
Remaining funds due$32,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$155.15
Prepaid interest, second (6 days)$70.27
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 3 moOf the original 30-year loan at 2.75%
Interest already paid$47,678Through Dec 2026
Assumption only · ends Mar 2052$180,898
Assumption + second · ends Mar 2052, second Jan 2057$276,960
New conventional · ends Jan 2057$556,429