Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,403/mo
Lowest payment- Down payment
- $52,477
- Funds due
- $63,718
- Interest + MI left
- $200,906
- First ends
- Feb 2052
Assumption
Assumption + second
$2,730/mo
+$326/mo- Down payment
- $20,477
- Funds due
- $32,978
- Interest + MI left
- $286,295
- First ends
- Feb 2052
New loan
New conventional
$3,183/mo
+$779/mo- Down payment
- $20,477
- Funds due
- $29,761
- Interest + MI left
- $577,546
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,523 | $347,523 | $379,523 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,649.74 | $1,649.74 | $2,627.74 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $274.71 | $274.71 | $75.90 |
| Taxes, insurance & HOA | $479.00 | $479.00 | $479.00 |
| Total housing payment | $2,403.45 | $2,729.53 | $3,182.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,477
Closing costs & prepaids$12,502
Usable credit−$0
Total buyer cash needed$32,978
Earnest money paid−$0
Remaining funds due$32,978
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$987.00
Prepaid interest, first (1 days)$29.23
Prepaid interest, second (1 days)$10.41
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$53,739Through Nov 2026
Assumption only · ends Feb 2052$200,906
Assumption + second · ends Feb 2052, second Dec 2056$286,295
New conventional · ends Dec 2056$577,546