Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,788/mo
Lowest payment- Down payment
- $70,099
- Funds due
- $80,382
- Interest + MI left
- $148,787
- First ends
- Jan 2052
Assumption
Assumption + second
$2,069/mo
+$282/mo- Down payment
- $35,099
- Funds due
- $46,710
- Interest + MI left
- $215,169
- First ends
- Jan 2052
New loan
New conventional
$2,449/mo
+$662/mo- Down payment
- $35,099
- Funds due
- $43,586
- Interest + MI left
- $453,065
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,901 | $274,901 | $309,901 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,280.76 | $1,280.76 | $2,099.38 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $219.08 | $219.08 | $61.98 |
| Taxes, insurance & HOA | $288.00 | $288.00 | $288.00 |
| Total housing payment | $1,787.84 | $2,069.46 | $2,449.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,099
Closing costs & prepaids$11,611
Usable credit−$0
Total buyer cash needed$46,710
Earnest money paid−$0
Remaining funds due$46,710
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$414.00
Prepaid interest, first (9 days)$193.86
Prepaid interest, second (9 days)$77.67
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 2.86%
Interest already paid$41,171Through Dec 2026
Assumption only · ends Jan 2052$148,787
Assumption + second · ends Jan 2052, second Jan 2057$215,169
New conventional · ends Jan 2057$453,065