Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,459/mo
Lowest payment- Down payment
- $87,158
- Funds due
- $99,035
- Interest + MI left
- $220,796
- First ends
- Feb 2052
Assumption
Assumption + second
$2,781/mo
+$322/mo- Down payment
- $47,158
- Funds due
- $60,344
- Interest + MI left
- $296,661
- First ends
- Feb 2052
New loan
New conventional
$3,267/mo
+$808/mo- Down payment
- $47,158
- Funds due
- $57,063
- Interest + MI left
- $610,954
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,842 | $377,842 | $417,842 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,807.50 | $1,807.50 | $2,830.61 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $299.07 | $299.07 | $83.57 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $2,459.23 | $2,781.08 | $3,266.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,158
Closing costs & prepaids$13,186
Usable credit−$0
Total buyer cash needed$60,344
Earnest money paid−$0
Remaining funds due$60,344
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Prepaid interest, first (6 days)$193.79
Prepaid interest, second (6 days)$59.18
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 3.12%
Interest already paid$60,466Through Dec 2026
Assumption only · ends Feb 2052$220,796
Assumption + second · ends Feb 2052, second Jan 2057$296,661
New conventional · ends Jan 2057$610,954