Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,021/mo
Lowest payment- Down payment
- $100,108
- Funds due
- $110,984
- Interest + MI left
- $177,649
- First ends
- Feb 2052
Assumption
Assumption + second
$2,528/mo
+$507/mo- Down payment
- $37,108
- Funds due
- $49,250
- Interest + MI left
- $297,138
- First ends
- Feb 2052
New loan
New conventional
$2,830/mo
+$808/mo- Down payment
- $37,108
- Funds due
- $45,854
- Interest + MI left
- $504,853
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,892 | $269,892 | $332,892 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,351.49 | $1,351.49 | $2,304.88 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $211.61 | $211.61 | $66.58 |
| Taxes, insurance & HOA | $458.33 | $458.33 | $458.33 |
| Total housing payment | $2,021.43 | $2,528.34 | $2,829.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,108
Closing costs & prepaids$12,142
Usable credit−$0
Total buyer cash needed$49,250
Earnest money paid−$0
Remaining funds due$49,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$925.00
Prepaid interest, first (1 days)$26.32
Prepaid interest, second (1 days)$15.53
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 3.560%
Interest already paid$48,189Through Nov 2026
Assumption only · ends Feb 2052$177,649
Assumption + second · ends Feb 2052, second Dec 2056$297,138
New conventional · ends Dec 2056$504,853