Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,349/mo
Lowest payment- Down payment
- $49,588
- Funds due
- $58,777
- Interest + MI left
- $105,753
- First ends
- Mar 2052
Assumption
Assumption + second
$1,558/mo
+$209/mo- Down payment
- $23,588
- Funds due
- $34,059
- Interest + MI left
- $155,065
- First ends
- Mar 2052
New loan
New conventional
$1,785/mo
+$436/mo- Down payment
- $23,588
- Funds due
- $30,867
- Interest + MI left
- $301,767
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $180,412 | $180,412 | $206,412 |
| Second mortgage | — | $26,000 | — |
| First P&I | $861.17 | $861.17 | $1,398.31 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $142.49 | $142.49 | $41.28 |
| Taxes, insurance & HOA | $345.50 | $345.50 | $345.50 |
| Total housing payment | $1,349.16 | $1,558.36 | $1,785.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,588
Closing costs & prepaids$10,471
Usable credit−$0
Total buyer cash needed$34,059
Earnest money paid−$0
Remaining funds due$34,059
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,300.00
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)$586.50
Prepaid interest, first (5 days)$77.11
Prepaid interest, second (5 days)$32.05
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 3 moOf the original 30-year loan at 3.12%
Interest already paid$28,339Through Dec 2026
Assumption only · ends Mar 2052$105,753
Assumption + second · ends Mar 2052, second Jan 2057$155,065
New conventional · ends Jan 2057$301,767