Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,616/mo
Lowest payment- Down payment
- $51,683
- Funds due
- $61,194
- Interest + MI left
- $147,542
- First ends
- Mar 2052
Assumption
Assumption + second
$1,983/mo
+$367/mo- Down payment
- $15,683
- Funds due
- $26,468
- Interest + MI left
- $243,605
- First ends
- Mar 2052
New loan
New conventional
$2,272/mo
+$656/mo- Down payment
- $15,683
- Funds due
- $23,311
- Interest + MI left
- $438,751
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $252,317 | $252,317 | $288,317 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,199.14 | $1,199.14 | $1,996.25 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $198.91 | $198.91 | $57.66 |
| Taxes, insurance & HOA | $217.75 | $217.75 | $217.75 |
| Total housing payment | $1,615.81 | $1,982.65 | $2,271.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,683
Closing costs & prepaids$10,785
Usable credit−$0
Total buyer cash needed$26,468
Earnest money paid−$0
Remaining funds due$26,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,040.00
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)$203.25
Prepaid interest, first (2 days)$42.86
Prepaid interest, second (2 days)$23.42
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 closing25 yr 4 moOf the original 30-year loan at 3.100%
Interest already paid$38,650Through Nov 2026
Assumption only · ends Mar 2052$147,542
Assumption + second · ends Mar 2052, second Dec 2056$243,605
New conventional · ends Dec 2056$438,751