Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $59,424
- Funds due
- $70,033
- Interest + MI left
- $182,889
- First ends
- Jan 2052
Assumption
Assumption + second
$2,506/mo
+$408/mo- Down payment
- $19,424
- Funds due
- $31,309
- Interest + MI left
- $289,625
- First ends
- Jan 2052
New loan
New conventional
$2,877/mo
+$778/mo- Down payment
- $19,424
- Funds due
- $28,129
- Interest + MI left
- $541,104
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,576 | $315,576 | $355,576 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,504.68 | $1,504.68 | $2,461.94 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $249.91 | $249.91 | $71.12 |
| Taxes, insurance & HOA | $343.50 | $343.50 | $343.50 |
| Total housing payment | $2,098.09 | $2,505.69 | $2,876.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,424
Closing costs & prepaids$11,885
Usable credit−$0
Total buyer cash needed$31,309
Earnest money paid−$0
Remaining funds due$31,309
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$580.50
Prepaid interest, first (2 days)$53.43
Prepaid interest, second (2 days)$26.03
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 2 moOf the original 30-year loan at 3.090%
Interest already paid$50,029Through Nov 2026
Assumption only · ends Jan 2052$182,889
Assumption + second · ends Jan 2052, second Dec 2056$289,625
New conventional · ends Dec 2056$541,104