Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,883/mo
Lowest payment- Down payment
- $62,974
- Funds due
- $73,387
- Interest + MI left
- $150,491
- First ends
- Jan 2052
Assumption
Assumption + second
$2,124/mo
+$241/mo- Down payment
- $32,974
- Funds due
- $44,674
- Interest + MI left
- $207,390
- First ends
- Jan 2052
New loan
New conventional
$2,462/mo
+$579/mo- Down payment
- $32,974
- Funds due
- $41,434
- Interest + MI left
- $426,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,926 | $261,926 | $291,926 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,248.87 | $1,248.87 | $1,977.61 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $207.96 | $207.96 | $58.39 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $1,883.00 | $2,124.38 | $2,462.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,974
Closing costs & prepaids$11,700
Usable credit−$0
Total buyer cash needed$44,674
Earnest money paid−$0
Remaining funds due$44,674
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$828.50
Prepaid interest, first (5 days)$110.15
Prepaid interest, second (5 days)$36.99
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$42,025Through Dec 2026
Assumption only · ends Jan 2052$150,491
Assumption + second · ends Jan 2052, second Jan 2057$207,390
New conventional · ends Jan 2057$426,786