Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,537/mo
Lowest payment- Down payment
- $104,417
- Funds due
- $114,508
- Interest + MI left
- $129,610
- First ends
- Jan 2052
Assumption
Assumption + second
$2,108/mo
+$571/mo- Down payment
- $33,417
- Funds due
- $44,916
- Interest + MI left
- $264,271
- First ends
- Jan 2052
New loan
New conventional
$2,350/mo
+$814/mo- Down payment
- $33,417
- Funds due
- $41,729
- Interest + MI left
- $433,652
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $225,582 | $225,582 | $296,582 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,075.59 | $1,075.59 | $2,009.15 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $179.10 | $179.10 | $59.32 |
| Taxes, insurance & HOA | $282.00 | $282.00 | $282.00 |
| Total housing payment | $1,536.69 | $2,107.97 | $2,350.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,417
Closing costs & prepaids$11,499
Usable credit−$0
Total buyer cash needed$44,916
Earnest money paid−$0
Remaining funds due$44,916
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,299.99
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)$396.00
Prepaid interest, first (9 days)$170.76
Prepaid interest, second (9 days)$157.56
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$36,194Through Dec 2026
Assumption only · ends Jan 2052$129,610
Assumption + second · ends Jan 2052, second Jan 2057$264,271
New conventional · ends Jan 2057$433,652