Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,800/mo
Lowest payment- Down payment
- $73,441
- Funds due
- $86,097
- Interest + MI left
- $217,221
- First ends
- Jan 2052
Assumption
Assumption + second
$3,017/mo
+$217/mo- Down payment
- $46,441
- Funds due
- $60,360
- Interest + MI left
- $268,431
- First ends
- Jan 2052
New loan
New conventional
$3,619/mo
+$818/mo- Down payment
- $46,441
- Funds due
- $56,937
- Interest + MI left
- $627,190
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $386,559 | $386,559 | $413,559 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,820.93 | $1,820.93 | $2,863.40 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $306.72 | $306.72 | $82.71 |
| Taxes, insurance & HOA | $672.42 | $672.42 | $672.42 |
| Total housing payment | $2,800.06 | $3,017.31 | $3,618.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,441
Closing costs & prepaids$13,919
Usable credit−$0
Total buyer cash needed$60,360
Earnest money paid−$0
Remaining funds due$60,360
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)$1,517.25
Prepaid interest, first (2 days)$63.12
Prepaid interest, second (2 days)$13.32
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 2.980%
Interest already paid$59,161Through Nov 2026
Assumption only · ends Jan 2052$217,221
Assumption + second · ends Jan 2052, second Dec 2056$268,431
New conventional · ends Dec 2056$627,190