Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,760/mo
Lowest payment- Down payment
- $160,828
- Funds due
- $171,888
- Interest + MI left
- $150,558
- First ends
- Feb 2052
Assumption
Assumption + second
$2,626/mo
+$866/mo- Down payment
- $42,828
- Funds due
- $55,293
- Interest + MI left
- $344,262
- First ends
- Feb 2052
New loan
New conventional
$2,948/mo
+$1,188/mo- Down payment
- $42,828
- Funds due
- $51,973
- Interest + MI left
- $551,266
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $259,072 | $259,072 | $377,072 |
| Second mortgage | — | $118,000 | — |
| First P&I | $1,236.62 | $1,236.62 | $2,554.42 |
| Second P&I | — | $865.84 | — |
| Mortgage insurance | $205.13 | $205.13 | $75.41 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,759.75 | $2,625.59 | $2,947.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,828
Closing costs & prepaids$12,465
Usable credit−$0
Total buyer cash needed$55,293
Earnest money paid−$0
Remaining funds due$55,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$504.00
Prepaid interest, first (6 days)$132.02
Prepaid interest, second (6 days)$155.18
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 2 moOf the original 30-year loan at 3.1%
Interest already paid$41,201Through Dec 2026
Assumption only · ends Feb 2052$150,558
Assumption + second · ends Feb 2052, second Jan 2057$344,262
New conventional · ends Jan 2057$551,266