Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,745/mo
Lowest payment- Down payment
- $50,503
- Funds due
- $60,525
- Interest + MI left
- $133,613
- First ends
- Mar 2052
Assumption
Assumption + second
$2,112/mo
+$367/mo- Down payment
- $14,503
- Funds due
- $25,787
- Interest + MI left
- $229,676
- First ends
- Mar 2052
New loan
New conventional
$2,363/mo
+$618/mo- Down payment
- $14,503
- Funds due
- $22,614
- Interest + MI left
- $402,503
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,497 | $228,497 | $264,497 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,085.94 | $1,085.94 | $1,831.32 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $180.13 | $180.13 | $52.90 |
| Taxes, insurance & HOA | $479.08 | $479.08 | $479.08 |
| Total housing payment | $1,745.16 | $2,112.00 | $2,363.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,503
Closing costs & prepaids$11,283
Usable credit−$0
Total buyer cash needed$25,787
Earnest money paid−$0
Remaining funds due$25,787
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$987.25
Prepaid interest, first (1 days)$19.41
Prepaid interest, second (1 days)$11.71
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$35,001Through Nov 2026
Assumption only · ends Mar 2052$133,613
Assumption + second · ends Mar 2052, second Dec 2056$229,676
New conventional · ends Dec 2056$402,503