Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,463/mo
Lowest payment- Down payment
- $50,147
- Funds due
- $59,574
- Interest + MI left
- $112,305
- First ends
- Feb 2052
Assumption
Assumption + second
$1,664/mo
+$201/mo- Down payment
- $25,147
- Funds due
- $35,849
- Interest + MI left
- $159,721
- First ends
- Feb 2052
New loan
New conventional
$1,920/mo
+$458/mo- Down payment
- $25,147
- Funds due
- $32,633
- Interest + MI left
- $324,900
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,853 | $199,853 | $224,853 |
| Second mortgage | — | $25,000 | — |
| First P&I | $941.43 | $941.43 | $1,512.60 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $158.57 | $158.57 | $44.97 |
| Taxes, insurance & HOA | $362.50 | $362.50 | $362.50 |
| Total housing payment | $1,462.51 | $1,663.66 | $1,920.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,147
Closing costs & prepaids$10,702
Usable credit−$0
Total buyer cash needed$35,849
Earnest money paid−$0
Remaining funds due$35,849
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$637.50
Prepaid interest, first (4 days)$65.27
Prepaid interest, second (4 days)$24.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 2 moOf the original 30-year loan at 2.98%
Interest already paid$30,586Through Dec 2026
Assumption only · ends Feb 2052$112,305
Assumption + second · ends Feb 2052, second Jan 2057$159,721
New conventional · ends Jan 2057$324,900