Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,959/mo
Lowest payment- Down payment
- $104,649
- Funds due
- $115,689
- Interest + MI left
- $151,401
- First ends
- Jan 2052
Assumption
Assumption + second
$2,499/mo
+$539/mo- Down payment
- $37,649
- Funds due
- $50,022
- Interest + MI left
- $278,476
- First ends
- Jan 2052
New loan
New conventional
$2,821/mo
+$861/mo- Down payment
- $37,649
- Funds due
- $46,734
- Interest + MI left
- $493,117
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,251 | $270,251 | $337,251 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,275.89 | $1,275.89 | $2,284.66 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $214.91 | $214.91 | $67.45 |
| Taxes, insurance & HOA | $468.67 | $468.67 | $468.67 |
| Total housing payment | $1,959.47 | $2,498.56 | $2,820.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,649
Closing costs & prepaids$12,373
Usable credit−$0
Total buyer cash needed$50,022
Earnest money paid−$0
Remaining funds due$50,022
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)$110.32
Prepaid interest, second (5 days)$82.60
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 2.98%
Interest already paid$42,125Through Dec 2026
Assumption only · ends Jan 2052$151,401
Assumption + second · ends Jan 2052, second Jan 2057$278,476
New conventional · ends Jan 2057$493,117