Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,025/mo
Lowest payment- Down payment
- $77,494
- Funds due
- $88,329
- Interest + MI left
- $174,267
- First ends
- Jan 2052
Assumption
Assumption + second
$2,339/mo
+$314/mo- Down payment
- $38,494
- Funds due
- $50,666
- Interest + MI left
- $248,236
- First ends
- Jan 2052
New loan
New conventional
$2,707/mo
+$682/mo- Down payment
- $38,494
- Funds due
- $47,510
- Interest + MI left
- $491,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,506 | $297,506 | $336,506 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,429.43 | $1,429.43 | $2,279.61 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $235.91 | $235.91 | $67.30 |
| Taxes, insurance & HOA | $360.00 | $360.00 | $360.00 |
| Total housing payment | $2,025.34 | $2,339.15 | $2,706.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,494
Closing costs & prepaids$12,172
Usable credit−$0
Total buyer cash needed$50,666
Earnest money paid−$0
Remaining funds due$50,666
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)$450.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$230.34
Prepaid interest, second (9 days)$86.55
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 3.14%
Interest already paid$48,791Through Dec 2026
Assumption only · ends Jan 2052$174,267
Assumption + second · ends Jan 2052, second Jan 2057$248,236
New conventional · ends Jan 2057$491,960