Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,310/mo
Lowest payment- Down payment
- $85,251
- Funds due
- $94,650
- Interest + MI left
- $109,638
- First ends
- Mar 2052
Assumption
Assumption + second
$1,769/mo
+$459/mo- Down payment
- $28,251
- Funds due
- $38,985
- Interest + MI left
- $217,746
- First ends
- Mar 2052
New loan
New conventional
$1,980/mo
+$670/mo- Down payment
- $28,251
- Funds due
- $35,764
- Interest + MI left
- $360,592
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,649 | $189,649 | $246,649 |
| Second mortgage | — | $57,000 | — |
| First P&I | $900.29 | $900.29 | $1,670.89 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $149.91 | $149.91 | $49.33 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,310.20 | $1,768.84 | $1,980.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,251
Closing costs & prepaids$10,734
Usable credit−$0
Total buyer cash needed$38,985
Earnest money paid−$0
Remaining funds due$38,985
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,749.00
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)$330.00
Prepaid interest, first (6 days)$95.71
Prepaid interest, second (6 days)$84.33
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 3.07%
Interest already paid$29,326Through Dec 2026
Assumption only · ends Mar 2052$109,638
Assumption + second · ends Mar 2052, second Jan 2057$217,746
New conventional · ends Jan 2057$360,592