Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,032/mo
Lowest payment- Down payment
- $103,838
- Funds due
- $115,076
- Interest + MI left
- $164,109
- First ends
- Mar 2052
Assumption
Assumption + second
$2,547/mo
+$515/mo- Down payment
- $39,838
- Funds due
- $52,468
- Interest + MI left
- $285,494
- First ends
- Mar 2052
New loan
New conventional
$2,910/mo
+$878/mo- Down payment
- $39,838
- Funds due
- $49,292
- Interest + MI left
- $519,291
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,152 | $291,152 | $355,152 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,368.46 | $1,368.46 | $2,405.92 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $230.50 | $230.50 | $71.03 |
| Taxes, insurance & HOA | $433.00 | $433.00 | $433.00 |
| Total housing payment | $2,031.97 | $2,546.93 | $2,909.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,838
Closing costs & prepaids$12,630
Usable credit−$0
Total buyer cash needed$52,468
Earnest money paid−$0
Remaining funds due$52,468
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,949.90
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)$474.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$213.94
Prepaid interest, second (9 days)$142.03
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 3 moOf the original 30-year loan at 2.98%
Interest already paid$43,737Through Dec 2026
Assumption only · ends Mar 2052$164,109
Assumption + second · ends Mar 2052, second Jan 2057$285,494
New conventional · ends Jan 2057$519,291