Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,765/mo
Lowest payment- Down payment
- $41,252
- Funds due
- $51,151
- Interest + MI left
- $154,830
- First ends
- Feb 2052
Assumption
Assumption + second
$2,020/mo
+$255/mo- Down payment
- $16,252
- Funds due
- $27,474
- Interest + MI left
- $221,540
- First ends
- Feb 2052
New loan
New conventional
$2,322/mo
+$557/mo- Down payment
- $16,252
- Funds due
- $24,505
- Interest + MI left
- $430,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,648 | $268,648 | $293,648 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,278.11 | $1,278.11 | $1,989.27 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $212.82 | $212.82 | $58.73 |
| Taxes, insurance & HOA | $274.00 | $274.00 | $274.00 |
| Total housing payment | $1,764.93 | $2,019.68 | $2,322.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,252
Closing costs & prepaids$11,223
Usable credit−$0
Total buyer cash needed$27,474
Earnest money paid−$0
Remaining funds due$27,474
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,099.00
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)$372.00
Prepaid interest, first (9 days)$203.36
Prepaid interest, second (9 days)$73.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.07%
Interest already paid$42,322Through Dec 2026
Assumption only · ends Feb 2052$154,830
Assumption + second · ends Feb 2052, second Jan 2057$221,540
New conventional · ends Jan 2057$430,889