Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,866/mo
Lowest payment- Down payment
- $93,251
- Funds due
- $103,892
- Interest + MI left
- $164,699
- First ends
- Mar 2052
Assumption
Assumption + second
$2,309/mo
+$443/mo- Down payment
- $38,251
- Funds due
- $50,264
- Interest + MI left
- $269,014
- First ends
- Mar 2052
New loan
New conventional
$2,649/mo
+$783/mo- Down payment
- $38,251
- Funds due
- $47,090
- Interest + MI left
- $492,315
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,749 | $281,749 | $336,749 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,343.41 | $1,343.41 | $2,281.26 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $222.56 | $222.56 | $67.35 |
| Taxes, insurance & HOA | $300.00 | $300.00 | $300.00 |
| Total housing payment | $1,865.97 | $2,308.51 | $2,648.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,251
Closing costs & prepaids$12,013
Usable credit−$0
Total buyer cash needed$50,264
Earnest money paid−$0
Remaining funds due$50,264
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Prepaid interest, first (9 days)$216.06
Prepaid interest, second (9 days)$122.05
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$44,120Through Dec 2026
Assumption only · ends Mar 2052$164,699
Assumption + second · ends Mar 2052, second Jan 2057$269,014
New conventional · ends Jan 2057$492,315