Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $71,501
- Funds due
- $81,307
- Interest + MI left
- $124,843
- First ends
- Mar 2052
Assumption
Assumption + second
$1,916/mo
+$346/mo- Down payment
- $28,501
- Funds due
- $39,567
- Interest + MI left
- $206,399
- First ends
- Mar 2052
New loan
New conventional
$2,215/mo
+$644/mo- Down payment
- $28,501
- Funds due
- $36,255
- Interest + MI left
- $388,998
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,499 | $213,499 | $256,499 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,014.66 | $1,014.66 | $1,775.95 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $168.31 | $168.31 | $51.30 |
| Taxes, insurance & HOA | $387.50 | $387.50 | $387.50 |
| Total housing payment | $1,570.47 | $1,916.46 | $2,214.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,501
Closing costs & prepaids$11,066
Usable credit−$0
Total buyer cash needed$39,567
Earnest money paid−$0
Remaining funds due$39,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$712.50
Prepaid interest, first (1 days)$18.13
Prepaid interest, second (1 days)$10.60
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$32,704Through Nov 2026
Assumption only · ends Mar 2052$124,843
Assumption + second · ends Mar 2052, second Dec 2056$206,399
New conventional · ends Dec 2056$388,998