Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,020/mo
Lowest payment- Down payment
- $82,696
- Funds due
- $91,533
- Interest + MI left
- $74,854
- First ends
- Mar 2052
Assumption
Assumption + second
$1,511/mo
+$491/mo- Down payment
- $21,696
- Funds due
- $31,813
- Interest + MI left
- $190,549
- First ends
- Mar 2052
New loan
New conventional
$1,655/mo
+$635/mo- Down payment
- $21,696
- Funds due
- $28,571
- Interest + MI left
- $285,500
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $127,304 | $127,304 | $188,304 |
| Second mortgage | — | $61,000 | — |
| First P&I | $606.35 | $606.35 | $1,303.78 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $100.33 | $100.33 | $37.66 |
| Taxes, insurance & HOA | $313.50 | $313.50 | $313.50 |
| Total housing payment | $1,020.18 | $1,511.00 | $1,654.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,696
Closing costs & prepaids$10,117
Usable credit−$0
Total buyer cash needed$31,813
Earnest money paid−$0
Remaining funds due$31,813
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,100.00
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)$490.50
Prepaid interest, first (2 days)$21.76
Prepaid interest, second (2 days)$30.08
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 4 moOf the original 30-year loan at 3.120%
Interest already paid$19,623Through Nov 2026
Assumption only · ends Mar 2052$74,854
Assumption + second · ends Mar 2052, second Dec 2056$190,549
New conventional · ends Dec 2056$285,500