Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
Lowest payment- Down payment
- $79,704
- Funds due
- $91,081
- Interest + MI left
- $181,475
- First ends
- Jan 2052
Assumption
Assumption + second
$2,577/mo
+$314/mo- Down payment
- $40,704
- Funds due
- $53,379
- Interest + MI left
- $255,444
- First ends
- Jan 2052
New loan
New conventional
$2,996/mo
+$733/mo- Down payment
- $40,704
- Funds due
- $50,095
- Interest + MI left
- $525,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,296 | $320,296 | $359,296 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,518.83 | $1,518.83 | $2,434.00 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $254.53 | $254.53 | $71.86 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $2,263.35 | $2,577.16 | $2,995.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,704
Closing costs & prepaids$12,676
Usable credit−$0
Total buyer cash needed$53,379
Earnest money paid−$0
Remaining funds due$53,379
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$1,020.00
Prepaid interest, first (5 days)$132.51
Prepaid interest, second (5 days)$48.08
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 3.02%
Interest already paid$50,577Through Dec 2026
Assumption only · ends Jan 2052$181,475
Assumption + second · ends Jan 2052, second Jan 2057$255,444
New conventional · ends Jan 2057$525,278