Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,059/mo
Lowest payment- Down payment
- $122,771
- Funds due
- $134,227
- Interest + MI left
- $166,969
- First ends
- Jan 2052
Assumption
Assumption + second
$2,711/mo
+$652/mo- Down payment
- $41,771
- Funds due
- $54,657
- Interest + MI left
- $320,597
- First ends
- Jan 2052
New loan
New conventional
$3,040/mo
+$981/mo- Down payment
- $41,771
- Funds due
- $51,450
- Interest + MI left
- $545,723
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,229 | $292,229 | $373,229 |
| Second mortgage | — | $81,000 | — |
| First P&I | $1,390.30 | $1,390.30 | $2,528.38 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $232.10 | $232.10 | $74.65 |
| Taxes, insurance & HOA | $437.00 | $437.00 | $437.00 |
| Total housing payment | $2,059.40 | $2,711.15 | $3,040.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,771
Closing costs & prepaids$12,886
Usable credit−$0
Total buyer cash needed$54,657
Earnest money paid−$0
Remaining funds due$54,657
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$363.00
Prepaid interest, first (9 days)$219.77
Prepaid interest, second (9 days)$179.75
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 1 moOf the original 30-year loan at 3.05%
Interest already paid$46,590Through Dec 2026
Assumption only · ends Jan 2052$166,969
Assumption + second · ends Jan 2052, second Jan 2057$320,597
New conventional · ends Jan 2057$545,723