Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,225/mo
Lowest payment- Down payment
- $57,206
- Funds due
- $68,279
- Interest + MI left
- $191,023
- First ends
- Feb 2052
Assumption
Assumption + second
$2,602/mo
+$377/mo- Down payment
- $20,206
- Funds due
- $32,638
- Interest + MI left
- $289,754
- First ends
- Feb 2052
New loan
New conventional
$2,943/mo
+$718/mo- Down payment
- $20,206
- Funds due
- $29,672
- Interest + MI left
- $535,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,794 | $327,794 | $364,794 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,566.37 | $1,566.37 | $2,471.24 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $259.50 | $259.50 | $72.96 |
| Taxes, insurance & HOA | $399.00 | $399.00 | $399.00 |
| Total housing payment | $2,224.86 | $2,601.89 | $2,943.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,206
Closing costs & prepaids$12,432
Usable credit−$0
Total buyer cash needed$32,638
Earnest money paid−$0
Remaining funds due$32,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$285.00
Prepaid interest, first (9 days)$251.37
Prepaid interest, second (9 days)$108.34
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 3.11%
Interest already paid$52,293Through Dec 2026
Assumption only · ends Feb 2052$191,023
Assumption + second · ends Feb 2052, second Jan 2057$289,754
New conventional · ends Jan 2057$535,286