Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,957/mo
Lowest payment- Down payment
- $66,805
- Funds due
- $79,445
- Interest + MI left
- $267,323
- First ends
- Jan 2052
Assumption
Assumption + second
$3,364/mo
+$408/mo- Down payment
- $26,805
- Funds due
- $40,773
- Interest + MI left
- $374,059
- First ends
- Jan 2052
New loan
New conventional
$3,884/mo
+$928/mo- Down payment
- $26,805
- Funds due
- $37,736
- Interest + MI left
- $737,738
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,695 | $462,695 | $502,695 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,210.99 | $2,210.99 | $3,405.43 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $367.23 | $367.23 | $100.54 |
| Taxes, insurance & HOA | $378.50 | $378.50 | $378.50 |
| Total housing payment | $2,956.72 | $3,364.32 | $3,884.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,805
Closing costs & prepaids$13,969
Usable credit−$0
Total buyer cash needed$40,773
Earnest money paid−$0
Remaining funds due$40,773
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,295.00
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)$635.50
Prepaid interest, first (6 days)$235.02
Prepaid interest, second (6 days)$78.08
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 3.09%
Interest already paid$74,708Through Dec 2026
Assumption only · ends Jan 2052$267,323
Assumption + second · ends Jan 2052, second Jan 2057$374,059
New conventional · ends Jan 2057$737,738