Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,088/mo
Lowest payment- Down payment
- $84,407
- Funds due
- $95,462
- Interest + MI left
- $167,890
- First ends
- Jan 2052
Assumption
Assumption + second
$2,458/mo
+$370/mo- Down payment
- $38,407
- Funds due
- $50,768
- Interest + MI left
- $255,136
- First ends
- Jan 2052
New loan
New conventional
$2,816/mo
+$728/mo- Down payment
- $38,407
- Funds due
- $47,485
- Interest + MI left
- $492,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $290,593 | $290,593 | $336,593 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,388.60 | $1,388.60 | $2,280.20 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $230.63 | $230.63 | $67.32 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $2,087.98 | $2,458.11 | $2,816.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,407
Closing costs & prepaids$12,361
Usable credit−$0
Total buyer cash needed$50,768
Earnest money paid−$0
Remaining funds due$50,768
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (5 days)$123.00
Prepaid interest, second (5 days)$56.71
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 3.09%
Interest already paid$46,920Through Dec 2026
Assumption only · ends Jan 2052$167,890
Assumption + second · ends Jan 2052, second Jan 2057$255,136
New conventional · ends Jan 2057$492,087