Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,221/mo
Lowest payment- Down payment
- $97,494
- Funds due
- $108,657
- Interest + MI left
- $203,276
- First ends
- Mar 2052
Assumption
Assumption + second
$2,639/mo
+$418/mo- Down payment
- $45,494
- Funds due
- $57,933
- Interest + MI left
- $301,901
- First ends
- Mar 2052
New loan
New conventional
$3,158/mo
+$937/mo- Down payment
- $45,494
- Funds due
- $54,508
- Interest + MI left
- $613,380
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,506 | $352,506 | $404,506 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,666.06 | $1,666.06 | $2,800.72 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $278.13 | $278.13 | $80.90 |
| Taxes, insurance & HOA | $276.50 | $276.50 | $276.50 |
| Total housing payment | $2,220.69 | $2,639.10 | $3,158.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,494
Closing costs & prepaids$12,439
Usable credit−$0
Total buyer cash needed$57,933
Earnest money paid−$0
Remaining funds due$57,933
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$379.50
Prepaid interest, first (2 days)$58.91
Prepaid interest, second (2 days)$25.64
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 4 moOf the original 30-year loan at 3.050%
Interest already paid$53,149Through Nov 2026
Assumption only · ends Mar 2052$203,276
Assumption + second · ends Mar 2052, second Dec 2056$301,901
New conventional · ends Dec 2056$613,380