Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,128/mo
Lowest payment- Down payment
- $96,477
- Funds due
- $107,754
- Interest + MI left
- $180,635
- First ends
- Feb 2052
Assumption
Assumption + second
$2,571/mo
+$443/mo- Down payment
- $41,477
- Funds due
- $54,126
- Interest + MI left
- $284,950
- First ends
- Feb 2052
New loan
New conventional
$2,958/mo
+$830/mo- Down payment
- $41,477
- Funds due
- $50,955
- Interest + MI left
- $538,695
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,423 | $313,423 | $368,423 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,491.13 | $1,491.13 | $2,495.83 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $248.29 | $248.29 | $73.68 |
| Taxes, insurance & HOA | $388.67 | $388.67 | $388.67 |
| Total housing payment | $2,128.09 | $2,570.63 | $2,958.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,477
Closing costs & prepaids$12,649
Usable credit−$0
Total buyer cash needed$54,126
Earnest money paid−$0
Remaining funds due$54,126
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$492.00
Initial HOA (3 months)$224.01
Prepaid interest, first (9 days)$237.26
Prepaid interest, second (9 days)$122.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.07%
Interest already paid$49,375Through Dec 2026
Assumption only · ends Feb 2052$180,635
Assumption + second · ends Feb 2052, second Jan 2057$284,950
New conventional · ends Jan 2057$538,695