Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,898/mo
Lowest payment- Down payment
- $117,369
- Funds due
- $130,539
- Interest + MI left
- $237,811
- First ends
- Jan 2052
Assumption
Assumption + second
$3,413/mo
+$515/mo- Down payment
- $53,369
- Funds due
- $67,820
- Interest + MI left
- $359,196
- First ends
- Jan 2052
New loan
New conventional
$4,004/mo
+$1,105/mo- Down payment
- $53,369
- Funds due
- $64,329
- Interest + MI left
- $722,843
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,631 | $412,631 | $476,631 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,963.11 | $1,963.11 | $3,300.10 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $326.89 | $326.89 | $95.33 |
| Taxes, insurance & HOA | $608.33 | $608.33 | $608.33 |
| Total housing payment | $2,898.33 | $3,413.29 | $4,003.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,369
Closing costs & prepaids$14,451
Usable credit−$0
Total buyer cash needed$67,820
Earnest money paid−$0
Remaining funds due$67,820
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$1,325.00
Prepaid interest, first (2 days)$69.41
Prepaid interest, second (2 days)$31.56
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 2 moOf the original 30-year loan at 3.070%
Interest already paid$65,004Through Nov 2026
Assumption only · ends Jan 2052$237,811
Assumption + second · ends Jan 2052, second Dec 2056$359,196
New conventional · ends Dec 2056$722,843