Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,795/mo
Lowest payment- Down payment
- $132,517
- Funds due
- $143,423
- Interest + MI left
- $152,824
- First ends
- Jan 2052
Assumption
Assumption + second
$2,535/mo
+$740/mo- Down payment
- $40,517
- Funds due
- $52,878
- Interest + MI left
- $327,315
- First ends
- Jan 2052
New loan
New conventional
$2,817/mo
+$1,022/mo- Down payment
- $40,517
- Funds due
- $49,653
- Interest + MI left
- $525,609
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $267,473 | $267,473 | $359,473 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,272.53 | $1,272.53 | $2,435.20 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $212.43 | $212.43 | $71.89 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $1,794.96 | $2,535.21 | $2,817.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,517
Closing costs & prepaids$12,360
Usable credit−$0
Total buyer cash needed$52,878
Earnest money paid−$0
Remaining funds due$52,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$480.00
Prepaid interest, first (9 days)$201.15
Prepaid interest, second (9 days)$204.16
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 3.05%
Interest already paid$42,644Through Dec 2026
Assumption only · ends Jan 2052$152,824
Assumption + second · ends Jan 2052, second Jan 2057$327,315
New conventional · ends Jan 2057$525,609