Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,532/mo
Lowest payment- Down payment
- $147,502
- Funds due
- $158,043
- Interest + MI left
- $116,657
- First ends
- Mar 2052
Assumption
Assumption + second
$2,354/mo
+$822/mo- Down payment
- $35,502
- Funds due
- $47,317
- Interest + MI left
- $300,510
- First ends
- Mar 2052
New loan
New conventional
$2,645/mo
+$1,114/mo- Down payment
- $35,502
- Funds due
- $43,934
- Interest + MI left
- $472,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,498 | $199,498 | $311,498 |
| Second mortgage | — | $112,000 | — |
| First P&I | $948.12 | $948.12 | $2,156.75 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $157.27 | $157.27 | $62.30 |
| Taxes, insurance & HOA | $426.33 | $426.33 | $426.33 |
| Total housing payment | $1,531.73 | $2,353.55 | $2,645.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,502
Closing costs & prepaids$11,815
Usable credit−$0
Total buyer cash needed$47,317
Earnest money paid−$0
Remaining funds due$47,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,470.00
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)$829.00
Prepaid interest, first (1 days)$16.94
Prepaid interest, second (1 days)$24.55
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$30,559Through Nov 2026
Assumption only · ends Mar 2052$116,657
Assumption + second · ends Mar 2052, second Dec 2056$300,510
New conventional · ends Dec 2056$472,345