Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,824/mo
Lowest payment- Down payment
- $137,477
- Funds due
- $148,516
- Interest + MI left
- $148,751
- First ends
- Feb 2052
Assumption
Assumption + second
$2,621/mo
+$797/mo- Down payment
- $38,477
- Funds due
- $50,889
- Interest + MI left
- $336,519
- First ends
- Feb 2052
New loan
New conventional
$2,815/mo
+$991/mo- Down payment
- $38,477
- Funds due
- $47,553
- Interest + MI left
- $491,839
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,423 | $237,423 | $336,423 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,168.43 | $1,168.43 | $2,279.05 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $187.09 | $187.09 | $67.28 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $1,824.18 | $2,620.76 | $2,815.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,477
Closing costs & prepaids$12,412
Usable credit−$0
Total buyer cash needed$50,889
Earnest money paid−$0
Remaining funds due$50,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,749.00
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)$956.00
Prepaid interest, first (5 days)$109.93
Prepaid interest, second (5 days)$122.05
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 2 moOf the original 30-year loan at 3.38%
Interest already paid$41,065Through Dec 2026
Assumption only · ends Feb 2052$148,751
Assumption + second · ends Feb 2052, second Jan 2057$336,519
New conventional · ends Jan 2057$491,839