Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,102/mo
Lowest payment- Down payment
- $188,978
- Funds due
- $201,553
- Interest + MI left
- $156,140
- First ends
- Feb 2052
Assumption
Assumption + second
$3,144/mo
+$1,042/mo- Down payment
- $46,978
- Funds due
- $61,083
- Interest + MI left
- $389,241
- First ends
- Feb 2052
New loan
New conventional
$3,479/mo
+$1,376/mo- Down payment
- $46,978
- Funds due
- $57,809
- Interest + MI left
- $603,678
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $270,922 | $270,922 | $412,922 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,288.93 | $1,288.93 | $2,797.28 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $214.63 | $214.63 | $82.58 |
| Taxes, insurance & HOA | $598.67 | $598.67 | $598.67 |
| Total housing payment | $2,102.22 | $3,144.17 | $3,478.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,978
Closing costs & prepaids$14,105
Usable credit−$0
Total buyer cash needed$61,083
Earnest money paid−$0
Remaining funds due$61,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$744.00
Prepaid interest, first (9 days)$205.08
Prepaid interest, second (9 days)$280.11
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 3.07%
Interest already paid$42,680Through Dec 2026
Assumption only · ends Feb 2052$156,140
Assumption + second · ends Feb 2052, second Jan 2057$389,241
New conventional · ends Jan 2057$603,678