Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$721/mo
Lowest payment- Down payment
- $244,366
- Funds due
- $254,546
- Interest + MI left
- $17,754
- First ends
- Jan 2052
Assumption
Assumption + second
$2,269/mo
+$1,547/mo- Down payment
- $28,366
- Funds due
- $39,842
- Interest + MI left
- $358,836
- First ends
- Jan 2052
New loan
New conventional
$2,308/mo
+$1,587/mo- Down payment
- $28,366
- Funds due
- $36,510
- Interest + MI left
- $373,938
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $30,634 | $30,634 | $246,634 |
| Second mortgage | — | $216,000 | — |
| First P&I | $146.06 | $146.06 | $1,707.64 |
| Second P&I | — | $1,547.45 | — |
| Mortgage insurance | $24.26 | $24.26 | $49.33 |
| Taxes, insurance & HOA | $550.83 | $550.83 | $550.83 |
| Total housing payment | $721.16 | $2,268.61 | $2,307.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,366
Closing costs & prepaids$11,476
Usable credit−$0
Total buyer cash needed$39,842
Earnest money paid−$0
Remaining funds due$39,842
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$1,202.50
Prepaid interest, first (1 days)$2.59
Prepaid interest, second (1 days)$45.86
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 2 moOf the original 30-year loan at 3.090%
Interest already paid$4,856Through Nov 2026
Assumption only · ends Jan 2052$17,754
Assumption + second · ends Jan 2052, second Dec 2056$358,836
New conventional · ends Dec 2056$373,938