Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,488/mo
Lowest payment- Down payment
- $54,607
- Funds due
- $64,080
- Interest + MI left
- $127,333
- First ends
- Jan 2052
Assumption
Assumption + second
$1,705/mo
+$217/mo- Down payment
- $27,607
- Funds due
- $38,389
- Interest + MI left
- $178,542
- First ends
- Jan 2052
New loan
New conventional
$1,985/mo
+$497/mo- Down payment
- $27,607
- Funds due
- $35,274
- Interest + MI left
- $361,729
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $220,393 | $220,393 | $247,393 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,053.15 | $1,053.15 | $1,675.93 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $174.92 | $174.92 | $49.48 |
| Taxes, insurance & HOA | $260.00 | $260.00 | $260.00 |
| Total housing payment | $1,488.07 | $1,705.32 | $1,985.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,607
Closing costs & prepaids$10,783
Usable credit−$0
Total buyer cash needed$38,389
Earnest money paid−$0
Remaining funds due$38,389
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,750.00
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)$330.00
Prepaid interest, first (9 days)$167.92
Prepaid interest, second (9 days)$59.92
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 1 moOf the original 30-year loan at 3.09%
Interest already paid$35,585Through Dec 2026
Assumption only · ends Jan 2052$127,333
Assumption + second · ends Jan 2052, second Jan 2057$178,542
New conventional · ends Jan 2057$361,729