Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,511/mo
Lowest payment- Down payment
- $145,060
- Funds due
- $155,529
- Interest + MI left
- $127,629
- First ends
- Mar 2052
Assumption
Assumption + second
$2,304/mo
+$792/mo- Down payment
- $37,060
- Funds due
- $48,992
- Interest + MI left
- $304,917
- First ends
- Mar 2052
New loan
New conventional
$2,576/mo
+$1,064/mo- Down payment
- $37,060
- Funds due
- $45,770
- Interest + MI left
- $477,974
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,939 | $218,939 | $326,939 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,042.77 | $1,042.77 | $2,214.80 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $172.98 | $172.98 | $65.39 |
| Taxes, insurance & HOA | $295.58 | $295.58 | $295.58 |
| Total housing payment | $1,511.33 | $2,303.80 | $2,575.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,060
Closing costs & prepaids$11,932
Usable credit−$0
Total buyer cash needed$48,992
Earnest money paid−$0
Remaining funds due$48,992
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,639.99
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)$436.75
Prepaid interest, first (9 days)$167.35
Prepaid interest, second (9 days)$213.04
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$34,177Through Dec 2026
Assumption only · ends Mar 2052$127,629
Assumption + second · ends Mar 2052, second Jan 2057$304,917
New conventional · ends Jan 2057$477,974