Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,497/mo
Lowest payment- Down payment
- $106,024
- Funds due
- $116,057
- Interest + MI left
- $128,004
- First ends
- Mar 2052
Assumption
Assumption + second
$2,084/mo
+$587/mo- Down payment
- $33,024
- Funds due
- $44,469
- Interest + MI left
- $266,459
- First ends
- Mar 2052
New loan
New conventional
$2,316/mo
+$819/mo- Down payment
- $33,024
- Funds due
- $41,276
- Interest + MI left
- $426,859
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,976 | $218,976 | $291,976 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,044.10 | $1,044.10 | $1,977.95 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $172.98 | $172.98 | $58.40 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,497.08 | $2,084.45 | $2,316.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,024
Closing costs & prepaids$11,445
Usable credit−$0
Total buyer cash needed$44,469
Earnest money paid−$0
Remaining funds due$44,469
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$167.92
Prepaid interest, second (9 days)$162.00
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 3 moOf the original 30-year loan at 3.11%
Interest already paid$34,290Through Dec 2026
Assumption only · ends Mar 2052$128,004
Assumption + second · ends Mar 2052, second Jan 2057$266,459
New conventional · ends Jan 2057$426,859