Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,517/mo
Lowest payment- Down payment
- $48,853
- Funds due
- $58,379
- Interest + MI left
- $116,585
- First ends
- Mar 2052
Assumption
Assumption + second
$1,884/mo
+$367/mo- Down payment
- $12,853
- Funds due
- $23,652
- Interest + MI left
- $212,648
- First ends
- Mar 2052
New loan
New conventional
$2,095/mo
+$578/mo- Down payment
- $12,853
- Funds due
- $20,512
- Interest + MI left
- $360,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $201,047 | $201,047 | $237,047 |
| Second mortgage | — | $36,000 | — |
| First P&I | $952.32 | $952.32 | $1,641.27 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $158.57 | $158.57 | $47.41 |
| Taxes, insurance & HOA | $405.83 | $405.83 | $405.83 |
| Total housing payment | $1,516.73 | $1,883.57 | $2,094.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$12,853
Closing costs & prepaids$10,799
Usable credit−$0
Total buyer cash needed$23,652
Earnest money paid−$0
Remaining funds due$23,652
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,499.00
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)$767.50
Prepaid interest, first (2 days)$33.82
Prepaid interest, second (2 days)$23.42
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 4 moOf the original 30-year loan at 3.070%
Interest already paid$30,506Through Nov 2026
Assumption only · ends Mar 2052$116,585
Assumption + second · ends Mar 2052, second Dec 2056$212,648
New conventional · ends Dec 2056$360,730