Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,744/mo
Lowest payment- Down payment
- $179,528
- Funds due
- $190,756
- Interest + MI left
- $149,338
- First ends
- Mar 2052
Assumption
Assumption + second
$2,742/mo
+$998/mo- Down payment
- $43,528
- Funds due
- $56,184
- Interest + MI left
- $372,590
- First ends
- Mar 2052
New loan
New conventional
$3,054/mo
+$1,310/mo- Down payment
- $43,528
- Funds due
- $52,852
- Interest + MI left
- $572,397
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $255,472 | $255,472 | $391,472 |
| Second mortgage | — | $136,000 | — |
| First P&I | $1,218.12 | $1,218.12 | $2,651.97 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $201.80 | $201.80 | $78.29 |
| Taxes, insurance & HOA | $324.00 | $324.00 | $324.00 |
| Total housing payment | $1,743.92 | $2,741.84 | $3,054.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,528
Closing costs & prepaids$12,656
Usable credit−$0
Total buyer cash needed$56,184
Earnest money paid−$0
Remaining funds due$56,184
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Prepaid interest, first (6 days)$130.61
Prepaid interest, second (6 days)$178.85
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 3 moOf the original 30-year loan at 3.11%
Interest already paid$40,005Through Dec 2026
Assumption only · ends Mar 2052$149,338
Assumption + second · ends Mar 2052, second Jan 2057$372,590
New conventional · ends Jan 2057$572,397