Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,787/mo
Lowest payment- Down payment
- $65,215
- Funds due
- $75,397
- Interest + MI left
- $142,243
- First ends
- Feb 2052
Assumption
Assumption + second
$2,060/mo
+$274/mo- Down payment
- $31,215
- Funds due
- $42,655
- Interest + MI left
- $206,729
- First ends
- Feb 2052
New loan
New conventional
$2,414/mo
+$628/mo- Down payment
- $31,215
- Funds due
- $39,321
- Interest + MI left
- $422,645
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,685 | $244,685 | $278,685 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,164.12 | $1,164.12 | $1,929.56 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $193.35 | $193.35 | $55.74 |
| Taxes, insurance & HOA | $429.17 | $429.17 | $429.17 |
| Total housing payment | $1,786.64 | $2,060.21 | $2,414.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,215
Closing costs & prepaids$11,441
Usable credit−$0
Total buyer cash needed$42,655
Earnest money paid−$0
Remaining funds due$42,655
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$837.50
Prepaid interest, first (1 days)$20.71
Prepaid interest, second (1 days)$8.38
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 3.090%
Interest already paid$38,076Through Nov 2026
Assumption only · ends Feb 2052$142,243
Assumption + second · ends Feb 2052, second Dec 2056$206,729
New conventional · ends Dec 2056$422,645