Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,654/mo
Lowest payment- Down payment
- $76,891
- Funds due
- $86,938
- Interest + MI left
- $130,688
- First ends
- Jan 2052
Assumption
Assumption + second
$2,024/mo
+$370/mo- Down payment
- $30,891
- Funds due
- $42,222
- Interest + MI left
- $217,934
- First ends
- Jan 2052
New loan
New conventional
$2,269/mo
+$615/mo- Down payment
- $30,891
- Funds due
- $38,929
- Interest + MI left
- $388,793
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $223,109 | $223,109 | $269,109 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,071.98 | $1,071.98 | $1,810.31 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $176.92 | $176.92 | $53.82 |
| Taxes, insurance & HOA | $405.00 | $405.00 | $405.00 |
| Total housing payment | $1,653.89 | $2,024.02 | $2,269.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,891
Closing costs & prepaids$11,332
Usable credit−$0
Total buyer cash needed$42,222
Earnest money paid−$0
Remaining funds due$42,222
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$765.00
Prepaid interest, first (3 days)$57.58
Prepaid interest, second (3 days)$34.03
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 1 moOf the original 30-year loan at 3.14%
Interest already paid$36,590Through Dec 2026
Assumption only · ends Jan 2052$130,688
Assumption + second · ends Jan 2052, second Jan 2057$217,934
New conventional · ends Jan 2057$388,793