Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,468/mo
Lowest payment- Down payment
- $41,420
- Funds due
- $50,755
- Interest + MI left
- $112,847
- First ends
- Feb 2052
Assumption
Assumption + second
$1,763/mo
+$296/mo- Down payment
- $12,420
- Funds due
- $23,024
- Interest + MI left
- $190,230
- First ends
- Feb 2052
New loan
New conventional
$1,978/mo
+$511/mo- Down payment
- $12,420
- Funds due
- $19,889
- Interest + MI left
- $338,670
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $193,580 | $193,580 | $222,580 |
| Second mortgage | — | $29,000 | — |
| First P&I | $922.00 | $922.00 | $1,541.10 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $152.94 | $152.94 | $44.52 |
| Taxes, insurance & HOA | $392.58 | $392.58 | $392.58 |
| Total housing payment | $1,467.52 | $1,763.03 | $1,978.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,420
Closing costs & prepaids$10,605
Usable credit−$0
Total buyer cash needed$23,024
Earnest money paid−$0
Remaining funds due$23,024
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$727.75
Prepaid interest, first (2 days)$32.88
Prepaid interest, second (2 days)$18.87
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$30,218Through Nov 2026
Assumption only · ends Feb 2052$112,847
Assumption + second · ends Feb 2052, second Dec 2056$190,230
New conventional · ends Dec 2056$338,670