Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,360/mo
Lowest payment- Down payment
- $82,081
- Funds due
- $91,615
- Interest + MI left
- $104,003
- First ends
- Mar 2052
Assumption
Assumption + second
$1,810/mo
+$451/mo- Down payment
- $26,081
- Funds due
- $36,906
- Interest + MI left
- $210,215
- First ends
- Mar 2052
New loan
New conventional
$1,991/mo
+$631/mo- Down payment
- $26,081
- Funds due
- $33,645
- Interest + MI left
- $337,998
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $177,918 | $177,918 | $233,918 |
| Second mortgage | — | $56,000 | — |
| First P&I | $848.33 | $848.33 | $1,573.58 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $140.54 | $140.54 | $46.78 |
| Taxes, insurance & HOA | $371.00 | $371.00 | $371.00 |
| Total housing payment | $1,359.87 | $1,810.46 | $1,991.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,081
Closing costs & prepaids$10,825
Usable credit−$0
Total buyer cash needed$36,906
Earnest money paid−$0
Remaining funds due$36,906
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,599.99
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)$663.00
Prepaid interest, first (3 days)$45.48
Prepaid interest, second (3 days)$41.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 3.11%
Interest already paid$27,860Through Dec 2026
Assumption only · ends Mar 2052$104,003
Assumption + second · ends Mar 2052, second Jan 2057$210,215
New conventional · ends Jan 2057$337,998