Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,897/mo
Lowest payment- Down payment
- $42,111
- Funds due
- $52,682
- Interest + MI left
- $128,018
- First ends
- Feb 2052
Assumption
Assumption + second
$2,182/mo
+$285/mo- Down payment
- $14,111
- Funds due
- $26,013
- Interest + MI left
- $202,733
- First ends
- Feb 2052
New loan
New conventional
$2,427/mo
+$530/mo- Down payment
- $14,111
- Funds due
- $23,026
- Interest + MI left
- $375,374
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,815 | $227,815 | $255,815 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,073.15 | $1,073.15 | $1,732.98 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $180.76 | $180.76 | $51.16 |
| Taxes, insurance & HOA | $643.00 | $643.00 | $643.00 |
| Total housing payment | $1,896.91 | $2,182.23 | $2,427.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,111
Closing costs & prepaids$11,903
Usable credit−$0
Total buyer cash needed$26,013
Earnest money paid−$0
Remaining funds due$26,013
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.26
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)$324.00
Initial HOA (3 months)$1,155.00
Prepaid interest, first (9 days)$167.40
Prepaid interest, second (9 days)$81.99
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 2.98%
Interest already paid$34,866Through Dec 2026
Assumption only · ends Feb 2052$128,018
Assumption + second · ends Feb 2052, second Jan 2057$202,733
New conventional · ends Jan 2057$375,374