Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,485/mo
Lowest payment- Down payment
- $166,248
- Funds due
- $177,003
- Interest + MI left
- $103,351
- First ends
- Jan 2052
Assumption
Assumption + second
$2,439/mo
+$954/mo- Down payment
- $36,248
- Funds due
- $48,396
- Interest + MI left
- $316,753
- First ends
- Jan 2052
New loan
New conventional
$2,675/mo
+$1,189/mo- Down payment
- $36,248
- Funds due
- $45,079
- Interest + MI left
- $466,004
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $188,752 | $188,752 | $318,752 |
| Second mortgage | — | $130,000 | — |
| First P&I | $883.29 | $883.29 | $2,159.34 |
| Second P&I | — | $953.89 | — |
| Mortgage insurance | $150.32 | $150.32 | $63.75 |
| Taxes, insurance & HOA | $451.75 | $451.75 | $451.75 |
| Total housing payment | $1,485.36 | $2,439.26 | $2,674.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,248
Closing costs & prepaids$12,148
Usable credit−$0
Total buyer cash needed$48,396
Earnest money paid−$0
Remaining funds due$48,396
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$905.25
Prepaid interest, first (5 days)$74.98
Prepaid interest, second (5 days)$142.47
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 2.9%
Interest already paid$28,653Through Dec 2026
Assumption only · ends Jan 2052$103,351
Assumption + second · ends Jan 2052, second Jan 2057$316,753
New conventional · ends Jan 2057$466,004