Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,172/mo
Lowest payment- Down payment
- $92,635
- Funds due
- $103,789
- Interest + MI left
- $192,025
- First ends
- Jan 2052
Assumption
Assumption + second
$2,574/mo
+$402/mo- Down payment
- $42,635
- Funds due
- $55,113
- Interest + MI left
- $286,857
- First ends
- Jan 2052
New loan
New conventional
$2,987/mo
+$815/mo- Down payment
- $42,635
- Funds due
- $51,845
- Interest + MI left
- $559,081
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,365 | $332,365 | $382,365 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,588.21 | $1,588.21 | $2,590.27 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $263.79 | $263.79 | $76.47 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,172.00 | $2,574.31 | $2,986.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,635
Closing costs & prepaids$12,478
Usable credit−$0
Total buyer cash needed$55,113
Earnest money paid−$0
Remaining funds due$55,113
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Prepaid interest, first (6 days)$168.82
Prepaid interest, second (6 days)$73.97
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 1 moOf the original 30-year loan at 3.09%
Interest already paid$53,665Through Dec 2026
Assumption only · ends Jan 2052$192,025
Assumption + second · ends Jan 2052, second Jan 2057$286,857
New conventional · ends Jan 2057$559,081