Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,881/mo
Lowest payment- Down payment
- $47,539
- Funds due
- $57,510
- Interest + MI left
- $174,364
- First ends
- Mar 2052
Assumption
Assumption + second
$2,187/mo
+$306/mo- Down payment
- $17,539
- Funds due
- $28,779
- Interest + MI left
- $254,416
- First ends
- Mar 2052
New loan
New conventional
$2,564/mo
+$683/mo- Down payment
- $17,539
- Funds due
- $25,616
- Interest + MI left
- $498,167
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,361 | $297,361 | $327,361 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,414.78 | $1,414.78 | $2,266.58 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $234.38 | $234.38 | $65.47 |
| Taxes, insurance & HOA | $232.00 | $232.00 | $232.00 |
| Total housing payment | $1,881.16 | $2,186.86 | $2,564.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,539
Closing costs & prepaids$11,240
Usable credit−$0
Total buyer cash needed$28,779
Earnest money paid−$0
Remaining funds due$28,779
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,449.00
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)$246.00
Prepaid interest, first (2 days)$50.67
Prepaid interest, second (2 days)$19.52
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 3.110%
Interest already paid$45,693Through Nov 2026
Assumption only · ends Mar 2052$174,364
Assumption + second · ends Mar 2052, second Dec 2056$254,416
New conventional · ends Dec 2056$498,167