Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,552/mo
Lowest payment- Down payment
- $234,777
- Funds due
- $246,285
- Interest + MI left
- $131,699
- First ends
- Mar 2052
Assumption
Assumption + second
$2,932/mo
+$1,379/mo- Down payment
- $46,777
- Funds due
- $59,576
- Interest + MI left
- $440,311
- First ends
- Mar 2052
New loan
New conventional
$3,248/mo
+$1,696/mo- Down payment
- $46,777
- Funds due
- $56,081
- Interest + MI left
- $626,598
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,223 | $225,223 | $413,223 |
| Second mortgage | — | $188,000 | — |
| First P&I | $1,070.38 | $1,070.38 | $2,861.07 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $177.55 | $177.55 | $82.64 |
| Taxes, insurance & HOA | $304.33 | $304.33 | $304.33 |
| Total housing payment | $1,552.26 | $2,931.74 | $3,248.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,777
Closing costs & prepaids$12,798
Usable credit−$0
Total buyer cash needed$59,576
Earnest money paid−$0
Remaining funds due$59,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$413.00
Prepaid interest, first (1 days)$19.13
Prepaid interest, second (1 days)$41.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$34,500Through Nov 2026
Assumption only · ends Mar 2052$131,699
Assumption + second · ends Mar 2052, second Dec 2056$440,311
New conventional · ends Dec 2056$626,598