Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,303/mo
Lowest payment- Down payment
- $151,644
- Funds due
- $163,886
- Interest + MI left
- $202,981
- First ends
- Feb 2052
Assumption
Assumption + second
$3,044/mo
+$741/mo- Down payment
- $50,644
- Funds due
- $64,269
- Interest + MI left
- $368,778
- First ends
- Feb 2052
New loan
New conventional
$3,493/mo
+$1,190/mo- Down payment
- $50,644
- Funds due
- $60,930
- Interest + MI left
- $655,481
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,356 | $347,356 | $448,356 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,661.66 | $1,661.66 | $3,037.32 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $274.94 | $274.94 | $89.67 |
| Taxes, insurance & HOA | $366.25 | $366.25 | $366.25 |
| Total housing payment | $2,302.85 | $3,043.95 | $3,493.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,644
Closing costs & prepaids$13,625
Usable credit−$0
Total buyer cash needed$64,269
Earnest money paid−$0
Remaining funds due$64,269
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Prepaid interest, first (6 days)$178.15
Prepaid interest, second (6 days)$132.82
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$55,587Through Dec 2026
Assumption only · ends Feb 2052$202,981
Assumption + second · ends Feb 2052, second Jan 2057$368,778
New conventional · ends Jan 2057$655,481