Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,274/mo
Lowest payment- Down payment
- $98,264
- Funds due
- $109,794
- Interest + MI left
- $202,209
- First ends
- Mar 2052
Assumption
Assumption + second
$2,701/mo
+$426/mo- Down payment
- $45,264
- Funds due
- $58,161
- Interest + MI left
- $302,731
- First ends
- Mar 2052
New loan
New conventional
$3,153/mo
+$879/mo- Down payment
- $45,264
- Funds due
- $54,993
- Interest + MI left
- $591,791
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $351,736 | $351,736 | $404,736 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,666.06 | $1,666.06 | $2,741.82 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $278.13 | $278.13 | $80.95 |
| Taxes, insurance & HOA | $330.00 | $330.00 | $330.00 |
| Total housing payment | $2,274.19 | $2,700.64 | $3,152.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,264
Closing costs & prepaids$12,897
Usable credit−$0
Total buyer cash needed$58,161
Earnest money paid−$0
Remaining funds due$58,161
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Prepaid interest, first (9 days)$264.52
Prepaid interest, second (9 days)$117.62
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 3.05%
Interest already paid$54,045Through Dec 2026
Assumption only · ends Mar 2052$202,209
Assumption + second · ends Mar 2052, second Jan 2057$302,731
New conventional · ends Jan 2057$591,791