Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,136/mo
Lowest payment- Down payment
- $181,008
- Funds due
- $193,242
- Interest + MI left
- $183,787
- First ends
- Feb 2052
Assumption
Assumption + second
$3,098/mo
+$961/mo- Down payment
- $50,008
- Funds due
- $63,665
- Interest + MI left
- $398,831
- First ends
- Feb 2052
New loan
New conventional
$3,504/mo
+$1,368/mo- Down payment
- $50,008
- Funds due
- $60,313
- Interest + MI left
- $657,817
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,892 | $318,892 | $449,892 |
| Second mortgage | — | $131,000 | — |
| First P&I | $1,517.15 | $1,517.15 | $3,047.73 |
| Second P&I | — | $961.23 | — |
| Mortgage insurance | $252.63 | $252.63 | $89.98 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,136.44 | $3,097.67 | $3,504.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,008
Closing costs & prepaids$13,657
Usable credit−$0
Total buyer cash needed$63,665
Earnest money paid−$0
Remaining funds due$63,665
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$600.00
Prepaid interest, first (6 days)$160.93
Prepaid interest, second (6 days)$172.27
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 3.07%
Interest already paid$50,237Through Dec 2026
Assumption only · ends Feb 2052$183,787
Assumption + second · ends Feb 2052, second Jan 2057$398,831
New conventional · ends Jan 2057$657,817