Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,253/mo
Lowest payment- Down payment
- $113,236
- Funds due
- $125,010
- Interest + MI left
- $197,455
- First ends
- Jan 2052
Assumption
Assumption + second
$2,792/mo
+$539/mo- Down payment
- $46,236
- Funds due
- $59,375
- Interest + MI left
- $324,530
- First ends
- Jan 2052
New loan
New conventional
$3,200/mo
+$946/mo- Down payment
- $46,236
- Funds due
- $56,108
- Interest + MI left
- $597,599
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,764 | $341,764 | $408,764 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,633.12 | $1,633.12 | $2,769.11 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $271.25 | $271.25 | $81.75 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $2,253.03 | $2,792.13 | $3,199.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,236
Closing costs & prepaids$13,139
Usable credit−$0
Total buyer cash needed$59,375
Earnest money paid−$0
Remaining funds due$59,375
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Prepaid interest, first (7 days)$202.53
Prepaid interest, second (7 days)$115.64
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$55,182Through Dec 2026
Assumption only · ends Jan 2052$197,455
Assumption + second · ends Jan 2052, second Jan 2057$324,530
New conventional · ends Jan 2057$597,599