Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,603/mo
Lowest payment- Down payment
- $181,157
- Funds due
- $192,145
- Interest + MI left
- $131,405
- First ends
- Feb 2052
Assumption
Assumption + second
$2,623/mo
+$1,020/mo- Down payment
- $42,157
- Funds due
- $54,578
- Interest + MI left
- $359,581
- First ends
- Feb 2052
New loan
New conventional
$2,916/mo
+$1,313/mo- Down payment
- $42,157
- Funds due
- $51,248
- Interest + MI left
- $545,084
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $233,843 | $233,843 | $372,843 |
| Second mortgage | — | $139,000 | — |
| First P&I | $1,101.54 | $1,101.54 | $2,525.77 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $185.54 | $185.54 | $74.57 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $1,603.09 | $2,623.02 | $2,916.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,157
Closing costs & prepaids$12,420
Usable credit−$0
Total buyer cash needed$54,578
Earnest money paid−$0
Remaining funds due$54,578
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (6 days)$114.55
Prepaid interest, second (6 days)$182.79
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 2.98%
Interest already paid$35,788Through Dec 2026
Assumption only · ends Feb 2052$131,405
Assumption + second · ends Feb 2052, second Jan 2057$359,581
New conventional · ends Jan 2057$545,084