Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,817/mo
Lowest payment- Down payment
- $58,413
- Funds due
- $68,431
- Interest + MI left
- $168,583
- First ends
- Jun 2052
Assumption
Assumption + second
$2,042/mo
+$225/mo- Down payment
- $30,413
- Funds due
- $41,688
- Interest + MI left
- $221,689
- First ends
- Jun 2052
New loan
New conventional
$2,323/mo
+$506/mo- Down payment
- $30,413
- Funds due
- $38,356
- Interest + MI left
- $407,277
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,587 | $240,587 | $268,587 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,221.24 | $1,221.24 | $1,859.64 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $186.56 | $186.56 | $53.72 |
| Taxes, insurance & HOA | $409.33 | $409.33 | $409.33 |
| Total housing payment | $1,817.14 | $2,042.43 | $2,322.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,413
Closing costs & prepaids$11,275
Usable credit−$0
Total buyer cash needed$41,688
Earnest money paid−$0
Remaining funds due$41,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$778.00
Prepaid interest, first (1 days)$24.78
Prepaid interest, second (1 days)$6.90
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 7 moOf the original 30-year loan at 3.760%
Interest already paid$41,934Through Nov 2026
Assumption only · ends Jun 2052$168,583
Assumption + second · ends Jun 2052, second Dec 2056$221,689
New conventional · ends Dec 2056$407,277