Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,458/mo
Lowest payment- Down payment
- $64,302
- Funds due
- $75,756
- Interest + MI left
- $216,077
- First ends
- Jan 2052
Assumption
Assumption + second
$2,875/mo
+$418/mo- Down payment
- $23,302
- Funds due
- $36,086
- Interest + MI left
- $325,481
- First ends
- Jan 2052
New loan
New conventional
$3,306/mo
+$848/mo- Down payment
- $23,302
- Funds due
- $33,038
- Interest + MI left
- $626,122
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $385,698 | $385,698 | $426,698 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,820.93 | $1,820.93 | $2,890.60 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $306.72 | $306.72 | $85.34 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,457.65 | $2,875.44 | $3,305.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,302
Closing costs & prepaids$12,784
Usable credit−$0
Total buyer cash needed$36,086
Earnest money paid−$0
Remaining funds due$36,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (6 days)$188.94
Prepaid interest, second (6 days)$80.03
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 1 moOf the original 30-year loan at 2.98%
Interest already paid$60,121Through Dec 2026
Assumption only · ends Jan 2052$216,077
Assumption + second · ends Jan 2052, second Jan 2057$325,481
New conventional · ends Jan 2057$626,122