Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,474/mo
Lowest payment- Down payment
- $61,652
- Funds due
- $71,178
- Interest + MI left
- $125,840
- First ends
- Feb 2052
Assumption
Assumption + second
$1,739/mo
+$266/mo- Down payment
- $28,652
- Funds due
- $39,501
- Interest + MI left
- $188,429
- First ends
- Feb 2052
New loan
New conventional
$2,015/mo
+$541/mo- Down payment
- $28,652
- Funds due
- $36,371
- Interest + MI left
- $367,461
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,347 | $218,347 | $251,347 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,038.80 | $1,038.80 | $1,702.71 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $172.98 | $172.98 | $50.27 |
| Taxes, insurance & HOA | $262.00 | $262.00 | $262.00 |
| Total housing payment | $1,473.77 | $1,739.30 | $2,014.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,652
Closing costs & prepaids$10,850
Usable credit−$0
Total buyer cash needed$39,501
Earnest money paid−$0
Remaining funds due$39,501
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.99
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)$336.00
Prepaid interest, first (9 days)$165.29
Prepaid interest, second (9 days)$73.23
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$34,398Through Dec 2026
Assumption only · ends Feb 2052$125,840
Assumption + second · ends Feb 2052, second Jan 2057$188,429
New conventional · ends Jan 2057$367,461