Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,820/mo
Lowest payment- Down payment
- $112,874
- Funds due
- $123,675
- Interest + MI left
- $137,423
- First ends
- Jan 2052
Assumption
Assumption + second
$2,440/mo
+$620/mo- Down payment
- $35,874
- Funds due
- $47,944
- Interest + MI left
- $283,465
- First ends
- Jan 2052
New loan
New conventional
$2,740/mo
+$919/mo- Down payment
- $35,874
- Funds due
- $44,560
- Interest + MI left
- $476,329
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,125 | $237,125 | $314,125 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,130.62 | $1,130.62 | $2,174.94 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $187.79 | $187.79 | $62.82 |
| Taxes, insurance & HOA | $502.08 | $502.08 | $502.08 |
| Total housing payment | $1,820.49 | $2,440.05 | $2,739.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,874
Closing costs & prepaids$12,070
Usable credit−$0
Total buyer cash needed$47,944
Earnest money paid−$0
Remaining funds due$47,944
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.99
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)$1,056.25
Prepaid interest, first (1 days)$20.07
Prepaid interest, second (1 days)$18.99
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 2 moOf the original 30-year loan at 3.090%
Interest already paid$37,592Through Nov 2026
Assumption only · ends Jan 2052$137,423
Assumption + second · ends Jan 2052, second Dec 2056$283,465
New conventional · ends Dec 2056$476,329