Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$645/mo
Lowest payment- Down payment
- $295,849
- Funds due
- $306,127
- Interest + MI left
- $36,801
- First ends
- Feb 2052
Assumption
Assumption + second
$2,501/mo
+$1,856/mo- Down payment
- $36,849
- Funds due
- $48,707
- Interest + MI left
- $445,784
- First ends
- Feb 2052
New loan
New conventional
$2,540/mo
+$1,895/mo- Down payment
- $36,849
- Funds due
- $45,306
- Interest + MI left
- $470,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $63,151 | $63,151 | $322,151 |
| Second mortgage | — | $259,000 | — |
| First P&I | $301.77 | $301.77 | $2,182.36 |
| Second P&I | — | $1,855.51 | — |
| Mortgage insurance | $49.99 | $49.99 | $64.43 |
| Taxes, insurance & HOA | $293.58 | $293.58 | $293.58 |
| Total housing payment | $645.34 | $2,500.85 | $2,540.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,849
Closing costs & prepaids$11,858
Usable credit−$0
Total buyer cash needed$48,707
Earnest money paid−$0
Remaining funds due$48,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Prepaid interest, first (6 days)$32.28
Prepaid interest, second (6 days)$329.96
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 3.11%
Interest already paid$10,075Through Dec 2026
Assumption only · ends Feb 2052$36,801
Assumption + second · ends Feb 2052, second Jan 2057$445,784
New conventional · ends Jan 2057$470,974