Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,338/mo
Lowest payment- Down payment
- $126,311
- Funds due
- $138,307
- Interest + MI left
- $236,481
- First ends
- Jun 2052
Assumption
Assumption + second
$2,973/mo
+$636/mo- Down payment
- $47,311
- Funds due
- $60,732
- Interest + MI left
- $386,316
- First ends
- Jun 2052
New loan
New conventional
$3,265/mo
+$927/mo- Down payment
- $47,311
- Funds due
- $57,459
- Interest + MI left
- $610,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $338,589 | $338,589 | $417,589 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,722.06 | $1,722.06 | $2,828.89 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $263.07 | $263.07 | $83.52 |
| Taxes, insurance & HOA | $352.67 | $352.67 | $352.67 |
| Total housing payment | $2,337.80 | $2,973.45 | $3,265.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,311
Closing costs & prepaids$13,421
Usable credit−$0
Total buyer cash needed$60,732
Earnest money paid−$0
Remaining funds due$60,732
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,649.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$558.00
Prepaid interest, first (9 days)$313.91
Prepaid interest, second (9 days)$175.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 6 moOf the original 30-year loan at 3.76%
Interest already paid$60,193Through Dec 2026
Assumption only · ends Jun 2052$236,481
Assumption + second · ends Jun 2052, second Jan 2057$386,316
New conventional · ends Jan 2057$610,501