Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,145/mo
Lowest payment- Down payment
- $89,550
- Funds due
- $100,750
- Interest + MI left
- $170,724
- First ends
- Mar 2052
Assumption
Assumption + second
$2,556/mo
+$410/mo- Down payment
- $38,550
- Funds due
- $51,012
- Interest + MI left
- $267,452
- First ends
- Mar 2052
New loan
New conventional
$2,965/mo
+$820/mo- Down payment
- $38,550
- Funds due
- $47,609
- Interest + MI left
- $517,612
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,350 | $290,350 | $341,350 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,382.95 | $1,382.95 | $2,363.44 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $228.82 | $228.82 | $68.27 |
| Taxes, insurance & HOA | $533.67 | $533.67 | $533.67 |
| Total housing payment | $2,145.43 | $2,555.79 | $2,965.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,550
Closing costs & prepaids$12,462
Usable credit−$0
Total buyer cash needed$51,012
Earnest money paid−$0
Remaining funds due$51,012
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$1,151.00
Prepaid interest, first (1 days)$24.82
Prepaid interest, second (1 days)$12.58
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 3.120%
Interest already paid$44,755Through Nov 2026
Assumption only · ends Mar 2052$170,724
Assumption + second · ends Mar 2052, second Dec 2056$267,452
New conventional · ends Dec 2056$517,612