Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,381/mo
Lowest payment- Down payment
- $148,086
- Funds due
- $158,275
- Interest + MI left
- $107,666
- First ends
- Jan 2052
Assumption
Assumption + second
$2,218/mo
+$836/mo- Down payment
- $34,086
- Funds due
- $45,575
- Interest + MI left
- $294,803
- First ends
- Jan 2052
New loan
New conventional
$2,487/mo
+$1,106/mo- Down payment
- $34,086
- Funds due
- $42,224
- Interest + MI left
- $456,145
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $186,814 | $186,814 | $300,814 |
| Second mortgage | — | $114,000 | — |
| First P&I | $888.78 | $888.78 | $2,082.78 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $147.99 | $147.99 | $60.16 |
| Taxes, insurance & HOA | $344.33 | $344.33 | $344.33 |
| Total housing payment | $1,381.10 | $2,217.60 | $2,487.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,086
Closing costs & prepaids$11,488
Usable credit−$0
Total buyer cash needed$45,575
Earnest money paid−$0
Remaining funds due$45,575
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.00
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)$583.00
Prepaid interest, first (2 days)$31.43
Prepaid interest, second (2 days)$49.97
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 2 moOf the original 30-year loan at 3.070%
Interest already paid$29,430Through Nov 2026
Assumption only · ends Jan 2052$107,666
Assumption + second · ends Jan 2052, second Dec 2056$294,803
New conventional · ends Dec 2056$456,145