Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,011/mo
Lowest payment- Down payment
- $153,411
- Funds due
- $164,834
- Interest + MI left
- $170,272
- First ends
- Feb 2052
Assumption
Assumption + second
$2,804/mo
+$792/mo- Down payment
- $45,411
- Funds due
- $58,107
- Interest + MI left
- $347,559
- First ends
- Feb 2052
New loan
New conventional
$3,239/mo
+$1,228/mo- Down payment
- $45,411
- Funds due
- $54,636
- Interest + MI left
- $606,682
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,089 | $292,089 | $400,089 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,391.18 | $1,391.18 | $2,770.14 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $230.77 | $230.77 | $80.02 |
| Taxes, insurance & HOA | $389.17 | $389.17 | $389.17 |
| Total housing payment | $2,011.11 | $2,803.58 | $3,239.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,411
Closing costs & prepaids$12,696
Usable credit−$0
Total buyer cash needed$58,107
Earnest money paid−$0
Remaining funds due$58,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,455.00
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)$717.50
Prepaid interest, first (1 days)$24.81
Prepaid interest, second (1 days)$23.67
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 3.100%
Interest already paid$45,596Through Nov 2026
Assumption only · ends Feb 2052$170,272
Assumption + second · ends Feb 2052, second Dec 2056$347,559
New conventional · ends Dec 2056$606,682