Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $268,616
- Funds due
- $280,230
- Interest + MI left
- $93,297
- First ends
- Feb 2052
Assumption
Assumption + second
$3,014/mo
+$1,612/mo- Down payment
- $43,616
- Funds due
- $56,527
- Interest + MI left
- $448,591
- First ends
- Feb 2052
New loan
New conventional
$3,261/mo
+$1,859/mo- Down payment
- $43,616
- Funds due
- $53,058
- Interest + MI left
- $585,900
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,384 | $161,384 | $386,384 |
| Second mortgage | — | $225,000 | — |
| First P&I | $766.11 | $766.11 | $2,675.24 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $127.57 | $127.57 | $77.28 |
| Taxes, insurance & HOA | $508.33 | $508.33 | $508.33 |
| Total housing payment | $1,402.01 | $3,013.94 | $3,260.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,616
Closing costs & prepaids$12,911
Usable credit−$0
Total buyer cash needed$56,527
Earnest money paid−$0
Remaining funds due$56,527
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$1,075.00
Prepaid interest, first (1 days)$13.57
Prepaid interest, second (1 days)$47.77
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 3.070%
Interest already paid$24,955Through Nov 2026
Assumption only · ends Feb 2052$93,297
Assumption + second · ends Feb 2052, second Dec 2056$448,591
New conventional · ends Dec 2056$585,900