Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,294/mo
Lowest payment- Down payment
- $56,679
- Funds due
- $65,831
- Interest + MI left
- $98,146
- First ends
- Jan 2052
Assumption
Assumption + second
$1,559/mo
+$266/mo- Down payment
- $23,679
- Funds due
- $34,121
- Interest + MI left
- $160,736
- First ends
- Jan 2052
New loan
New conventional
$1,765/mo
+$471/mo- Down payment
- $23,679
- Funds due
- $30,923
- Interest + MI left
- $297,938
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $170,821 | $170,821 | $203,821 |
| Second mortgage | — | $33,000 | — |
| First P&I | $814.48 | $814.48 | $1,380.75 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $135.62 | $135.62 | $40.76 |
| Taxes, insurance & HOA | $343.42 | $343.42 | $343.42 |
| Total housing payment | $1,293.52 | $1,559.05 | $1,764.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,679
Closing costs & prepaids$10,443
Usable credit−$0
Total buyer cash needed$34,121
Earnest money paid−$0
Remaining funds due$34,121
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,275.00
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)$580.25
Prepaid interest, first (5 days)$71.84
Prepaid interest, second (5 days)$40.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.07%
Interest already paid$27,408Through Dec 2026
Assumption only · ends Jan 2052$98,146
Assumption + second · ends Jan 2052, second Jan 2057$160,736
New conventional · ends Jan 2057$297,938