Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$860/mo
Lowest payment- Down payment
- $102,497
- Funds due
- $111,217
- Interest + MI left
- $65,968
- First ends
- Apr 2052
Assumption
Assumption + second
$1,504/mo
+$644/mo- Down payment
- $22,497
- Funds due
- $32,644
- Interest + MI left
- $217,700
- First ends
- Apr 2052
New loan
New conventional
$1,579/mo
+$719/mo- Down payment
- $22,497
- Funds due
- $29,446
- Interest + MI left
- $281,394
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $112,503 | $112,503 | $192,503 |
| Second mortgage | — | $80,000 | — |
| First P&I | $535.26 | $535.26 | $1,304.08 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $88.68 | $88.68 | $38.50 |
| Taxes, insurance & HOA | $236.00 | $236.00 | $236.00 |
| Total housing payment | $859.94 | $1,503.64 | $1,578.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,497
Closing costs & prepaids$10,147
Usable credit−$0
Total buyer cash needed$32,644
Earnest money paid−$0
Remaining funds due$32,644
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,150.00
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)$258.00
Prepaid interest, first (9 days)$86.27
Prepaid interest, second (9 days)$177.53
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 4 moOf the original 30-year loan at 3.11%
Interest already paid$17,287Through Dec 2026
Assumption only · ends Apr 2052$65,968
Assumption + second · ends Apr 2052, second Jan 2057$217,700
New conventional · ends Jan 2057$281,394