Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,187/mo
Lowest payment- Down payment
- $70,442
- Funds due
- $81,615
- Interest + MI left
- $168,991
- First ends
- Jan 2052
Assumption
Assumption + second
$2,437/mo
+$249/mo- Down payment
- $39,442
- Funds due
- $51,903
- Interest + MI left
- $227,787
- First ends
- Jan 2052
New loan
New conventional
$2,883/mo
+$696/mo- Down payment
- $39,442
- Funds due
- $48,637
- Interest + MI left
- $504,463
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,058 | $314,058 | $345,058 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,459.95 | $1,459.95 | $2,337.54 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $250.38 | $250.38 | $69.01 |
| Taxes, insurance & HOA | $476.83 | $476.83 | $476.83 |
| Total housing payment | $2,187.17 | $2,436.60 | $2,883.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,442
Closing costs & prepaids$12,461
Usable credit−$0
Total buyer cash needed$51,903
Earnest money paid−$0
Remaining funds due$51,903
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,845.00
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)$980.50
Prepaid interest, first (5 days)$122.18
Prepaid interest, second (5 days)$38.22
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 2.84%
Interest already paid$46,716Through Dec 2026
Assumption only · ends Jan 2052$168,991
Assumption + second · ends Jan 2052, second Jan 2057$227,787
New conventional · ends Jan 2057$504,463