Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,264/mo
Lowest payment- Down payment
- $107,841
- Funds due
- $119,488
- Interest + MI left
- $195,938
- First ends
- Feb 2052
Assumption
Assumption + second
$2,771/mo
+$507/mo- Down payment
- $44,841
- Funds due
- $57,878
- Interest + MI left
- $315,427
- First ends
- Feb 2052
New loan
New conventional
$3,179/mo
+$915/mo- Down payment
- $44,841
- Funds due
- $54,690
- Interest + MI left
- $585,099
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,159 | $337,159 | $400,159 |
| Second mortgage | — | $63,000 | — |
| First P&I | $1,609.35 | $1,609.35 | $2,710.82 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $266.96 | $266.96 | $80.03 |
| Taxes, insurance & HOA | $388.00 | $388.00 | $388.00 |
| Total housing payment | $2,264.31 | $2,771.22 | $3,178.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,841
Closing costs & prepaids$13,037
Usable credit−$0
Total buyer cash needed$57,878
Earnest money paid−$0
Remaining funds due$57,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$534.00
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$257.72
Prepaid interest, second (9 days)$139.81
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 3.1%
Interest already paid$53,619Through Dec 2026
Assumption only · ends Feb 2052$195,938
Assumption + second · ends Feb 2052, second Jan 2057$315,427
New conventional · ends Jan 2057$585,099