Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,766/mo
Lowest payment- Down payment
- $122,211
- Funds due
- $132,929
- Interest + MI left
- $144,884
- First ends
- Jan 2052
Assumption
Assumption + second
$2,434/mo
+$668/mo- Down payment
- $39,211
- Funds due
- $51,302
- Interest + MI left
- $302,305
- First ends
- Jan 2052
New loan
New conventional
$2,752/mo
+$985/mo- Down payment
- $39,211
- Funds due
- $48,025
- Interest + MI left
- $512,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,689 | $267,689 | $350,689 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,247.16 | $1,247.16 | $2,375.69 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $213.34 | $213.34 | $70.14 |
| Taxes, insurance & HOA | $306.00 | $306.00 | $306.00 |
| Total housing payment | $1,766.50 | $2,434.33 | $2,751.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,211
Closing costs & prepaids$12,091
Usable credit−$0
Total buyer cash needed$51,302
Earnest money paid−$0
Remaining funds due$51,302
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$468.00
Prepaid interest, first (6 days)$125.85
Prepaid interest, second (6 days)$122.79
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 2.86%
Interest already paid$40,091Through Dec 2026
Assumption only · ends Jan 2052$144,884
Assumption + second · ends Jan 2052, second Jan 2057$302,305
New conventional · ends Jan 2057$512,765