Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,246/mo
Lowest payment- Down payment
- $95,286
- Funds due
- $104,522
- Interest + MI left
- $110,287
- First ends
- Feb 2052
Assumption
Assumption + second
$1,777/mo
+$531/mo- Down payment
- $29,286
- Funds due
- $39,805
- Interest + MI left
- $235,465
- First ends
- Feb 2052
New loan
New conventional
$2,015/mo
+$769/mo- Down payment
- $29,286
- Funds due
- $36,501
- Interest + MI left
- $387,705
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,714 | $189,714 | $255,714 |
| Second mortgage | — | $66,000 | — |
| First P&I | $902.59 | $902.59 | $1,770.51 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $149.91 | $149.91 | $51.14 |
| Taxes, insurance & HOA | $193.08 | $193.08 | $193.08 |
| Total housing payment | $1,245.58 | $1,776.63 | $2,014.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,286
Closing costs & prepaids$10,519
Usable credit−$0
Total buyer cash needed$39,805
Earnest money paid−$0
Remaining funds due$39,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$129.25
Prepaid interest, first (2 days)$32.12
Prepaid interest, second (2 days)$32.55
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 3.090%
Interest already paid$29,522Through Nov 2026
Assumption only · ends Feb 2052$110,287
Assumption + second · ends Feb 2052, second Dec 2056$235,465
New conventional · ends Dec 2056$387,705