Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $58,813
- Funds due
- $69,060
- Interest + MI left
- $163,352
- First ends
- Feb 2052
Assumption
Assumption + second
$2,268/mo
+$418/mo- Down payment
- $17,813
- Funds due
- $29,430
- Interest + MI left
- $272,757
- First ends
- Feb 2052
New loan
New conventional
$2,532/mo
+$682/mo- Down payment
- $17,813
- Funds due
- $26,437
- Interest + MI left
- $472,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,087 | $281,087 | $322,087 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,341.70 | $1,341.70 | $2,181.93 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $222.56 | $222.56 | $64.42 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,850.26 | $2,268.05 | $2,532.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,813
Closing costs & prepaids$11,617
Usable credit−$0
Total buyer cash needed$29,430
Earnest money paid−$0
Remaining funds due$29,430
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Prepaid interest, first (9 days)$214.86
Prepaid interest, second (9 days)$120.05
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 2 moOf the original 30-year loan at 3.1%
Interest already paid$44,702Through Dec 2026
Assumption only · ends Feb 2052$163,352
Assumption + second · ends Feb 2052, second Jan 2057$272,757
New conventional · ends Jan 2057$472,619