Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,049/mo
Lowest payment- Down payment
- $45,116
- Funds due
- $55,613
- Interest + MI left
- $181,925
- First ends
- Jan 2052
Assumption
Assumption + second
$2,324/mo
+$275/mo- Down payment
- $18,116
- Funds due
- $29,942
- Interest + MI left
- $253,972
- First ends
- Jan 2052
New loan
New conventional
$2,678/mo
+$630/mo- Down payment
- $18,116
- Funds due
- $26,997
- Interest + MI left
- $501,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,884 | $314,884 | $341,884 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,504.68 | $1,504.68 | $2,316.04 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $249.91 | $249.91 | $68.38 |
| Taxes, insurance & HOA | $294.00 | $294.00 | $294.00 |
| Total housing payment | $2,048.59 | $2,323.72 | $2,678.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,116
Closing costs & prepaids$11,826
Usable credit−$0
Total buyer cash needed$29,942
Earnest money paid−$0
Remaining funds due$29,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,600.00
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)$432.00
Prepaid interest, first (9 days)$239.92
Prepaid interest, second (9 days)$79.06
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 3.09%
Interest already paid$50,842Through Dec 2026
Assumption only · ends Jan 2052$181,925
Assumption + second · ends Jan 2052, second Jan 2057$253,972
New conventional · ends Jan 2057$501,737