Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,276/mo
Lowest payment- Down payment
- $75,641
- Funds due
- $86,917
- Interest + MI left
- $204,191
- First ends
- Feb 2052
Assumption
Assumption + second
$2,534/mo
+$257/mo- Down payment
- $43,641
- Funds due
- $56,238
- Interest + MI left
- $264,883
- First ends
- Feb 2052
New loan
New conventional
$2,995/mo
+$718/mo- Down payment
- $43,641
- Funds due
- $53,091
- Interest + MI left
- $560,458
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,359 | $351,359 | $383,359 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,677.13 | $1,677.13 | $2,597.01 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $278.20 | $278.20 | $76.67 |
| Taxes, insurance & HOA | $320.83 | $320.83 | $320.83 |
| Total housing payment | $2,276.16 | $2,533.64 | $2,994.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,641
Closing costs & prepaids$12,597
Usable credit−$0
Total buyer cash needed$56,238
Earnest money paid−$0
Remaining funds due$56,238
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,270.00
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)$512.50
Prepaid interest, first (9 days)$268.57
Prepaid interest, second (9 days)$71.01
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.1%
Interest already paid$55,877Through Dec 2026
Assumption only · ends Feb 2052$204,191
Assumption + second · ends Feb 2052, second Jan 2057$264,883
New conventional · ends Jan 2057$560,458