Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,876/mo
Lowest payment- Down payment
- $92,639
- Funds due
- $103,143
- Interest + MI left
- $165,568
- First ends
- Mar 2052
Assumption
Assumption + second
$2,319/mo
+$443/mo- Down payment
- $37,639
- Funds due
- $49,420
- Interest + MI left
- $269,883
- First ends
- Mar 2052
New loan
New conventional
$2,714/mo
+$837/mo- Down payment
- $37,639
- Funds due
- $46,055
- Interest + MI left
- $511,631
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,361 | $282,361 | $337,361 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,343.41 | $1,343.41 | $2,335.82 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $222.56 | $222.56 | $67.47 |
| Taxes, insurance & HOA | $310.25 | $310.25 | $310.25 |
| Total housing payment | $1,876.22 | $2,318.76 | $2,713.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,639
Closing costs & prepaids$11,781
Usable credit−$0
Total buyer cash needed$49,420
Earnest money paid−$0
Remaining funds due$49,420
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)$480.75
Prepaid interest, first (2 days)$48.12
Prepaid interest, second (2 days)$27.12
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$43,388Through Nov 2026
Assumption only · ends Mar 2052$165,568
Assumption + second · ends Mar 2052, second Dec 2056$269,883
New conventional · ends Dec 2056$511,631