Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,266/mo
Lowest payment- Down payment
- $43,985
- Funds due
- $53,092
- Interest + MI left
- $130,179
- First ends
- Jan 2056
Assumption
Assumption + second
$1,582/mo
+$316/mo- Down payment
- $12,985
- Funds due
- $23,362
- Interest + MI left
- $212,900
- First ends
- Jan 2056
New loan
New conventional
$1,937/mo
+$671/mo- Down payment
- $12,985
- Funds due
- $20,221
- Interest + MI left
- $353,787
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,515 | $201,515 | $232,515 |
| Second mortgage | — | $31,000 | — |
| First P&I | $891.85 | $891.85 | $1,609.89 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $93.92 | $93.92 | $46.50 |
| Taxes, insurance & HOA | $280.50 | $280.50 | $280.50 |
| Total housing payment | $1,266.27 | $1,582.16 | $1,936.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,985
Closing costs & prepaids$10,378
Usable credit−$0
Total buyer cash needed$23,362
Earnest money paid−$0
Remaining funds due$23,362
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,455.00
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)$391.50
Prepaid interest, first (2 days)$35.89
Prepaid interest, second (2 days)$20.17
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 closing29 yr 2 moOf the original 30-year loan at 3.250%
Interest already paid$5,509Through Nov 2026
Assumption only · ends Jan 2056$130,179
Assumption + second · ends Jan 2056, second Dec 2056$212,900
New conventional · ends Dec 2056$353,787