Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,190/mo
Lowest payment- Down payment
- $69,728
- Funds due
- $80,894
- Interest + MI left
- $170,042
- First ends
- Jan 2052
Assumption
Assumption + second
$2,440/mo
+$249/mo- Down payment
- $38,728
- Funds due
- $51,182
- Interest + MI left
- $228,838
- First ends
- Jan 2052
New loan
New conventional
$2,884/mo
+$693/mo- Down payment
- $38,728
- Funds due
- $47,923
- Interest + MI left
- $504,699
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,172 | $314,172 | $345,172 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,463.73 | $1,463.73 | $2,338.32 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $250.38 | $250.38 | $69.03 |
| Taxes, insurance & HOA | $476.33 | $476.33 | $476.33 |
| Total housing payment | $2,190.44 | $2,439.87 | $2,883.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,728
Closing costs & prepaids$12,454
Usable credit−$0
Total buyer cash needed$51,182
Earnest money paid−$0
Remaining funds due$51,182
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,839.00
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)$979.00
Prepaid interest, first (5 days)$123.09
Prepaid interest, second (5 days)$38.22
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 2.86%
Interest already paid$47,053Through Dec 2026
Assumption only · ends Jan 2052$170,042
Assumption + second · ends Jan 2052, second Jan 2057$228,838
New conventional · ends Jan 2057$504,699