Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,589/mo
Lowest payment- Down payment
- $83,750
- Funds due
- $93,825
- Interest + MI left
- $118,353
- First ends
- Jan 2052
Assumption
Assumption + second
$2,015/mo
+$426/mo- Down payment
- $30,750
- Funds due
- $42,140
- Interest + MI left
- $218,875
- First ends
- Jan 2052
New loan
New conventional
$2,282/mo
+$694/mo- Down payment
- $30,750
- Funds due
- $38,896
- Interest + MI left
- $393,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $216,150 | $216,150 | $269,150 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,011.51 | $1,011.51 | $1,823.32 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $172.14 | $172.14 | $53.83 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,588.56 | $2,015.01 | $2,282.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,750
Closing costs & prepaids$11,390
Usable credit−$0
Total buyer cash needed$42,140
Earnest money paid−$0
Remaining funds due$42,140
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$764.75
Prepaid interest, first (5 days)$85.87
Prepaid interest, second (5 days)$65.34
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$32,813Through Dec 2026
Assumption only · ends Jan 2052$118,353
Assumption + second · ends Jan 2052, second Jan 2057$218,875
New conventional · ends Jan 2057$393,488