Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,895/mo
Lowest payment- Down payment
- $65,886
- Funds due
- $76,296
- Interest + MI left
- $167,436
- First ends
- Feb 2052
Assumption
Assumption + second
$2,136/mo
+$241/mo- Down payment
- $35,886
- Funds due
- $47,612
- Interest + MI left
- $224,335
- First ends
- Feb 2052
New loan
New conventional
$2,510/mo
+$615/mo- Down payment
- $35,886
- Funds due
- $44,480
- Interest + MI left
- $465,135
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,114 | $288,114 | $318,114 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,375.24 | $1,375.24 | $2,155.02 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $228.13 | $228.13 | $63.62 |
| Taxes, insurance & HOA | $291.58 | $291.58 | $291.58 |
| Total housing payment | $1,894.95 | $2,136.34 | $2,510.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,886
Closing costs & prepaids$11,727
Usable credit−$0
Total buyer cash needed$47,612
Earnest money paid−$0
Remaining funds due$47,612
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,540.00
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)$424.75
Prepaid interest, first (9 days)$220.23
Prepaid interest, second (9 days)$66.58
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$45,819Through Dec 2026
Assumption only · ends Feb 2052$167,436
Assumption + second · ends Feb 2052, second Jan 2057$224,335
New conventional · ends Jan 2057$465,135