Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,780/mo
Lowest payment- Down payment
- $58,199
- Funds due
- $68,069
- Interest + MI left
- $164,216
- First ends
- Feb 2052
Assumption
Assumption + second
$2,198/mo
+$418/mo- Down payment
- $17,199
- Funds due
- $28,345
- Interest + MI left
- $273,621
- First ends
- Feb 2052
New loan
New conventional
$2,515/mo
+$735/mo- Down payment
- $17,199
- Funds due
- $25,180
- Interest + MI left
- $491,076
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,701 | $281,701 | $322,701 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,341.70 | $1,341.70 | $2,234.32 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $222.56 | $222.56 | $64.54 |
| Taxes, insurance & HOA | $215.92 | $215.92 | $215.92 |
| Total housing payment | $1,780.18 | $2,197.97 | $2,514.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,199
Closing costs & prepaids$11,146
Usable credit−$0
Total buyer cash needed$28,345
Earnest money paid−$0
Remaining funds due$28,345
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$197.75
Prepaid interest, first (2 days)$47.85
Prepaid interest, second (2 days)$26.68
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 3.100%
Interest already paid$43,974Through Nov 2026
Assumption only · ends Feb 2052$164,216
Assumption + second · ends Feb 2052, second Dec 2056$273,621
New conventional · ends Dec 2056$491,076