Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $49,247
- Funds due
- $60,512
- Interest + MI left
- $184,955
- First ends
- Jan 2052
Assumption
Assumption + second
$2,605/mo
+$306/mo- Down payment
- $19,247
- Funds due
- $31,850
- Interest + MI left
- $265,007
- First ends
- Jan 2052
New loan
New conventional
$2,943/mo
+$644/mo- Down payment
- $19,247
- Funds due
- $28,888
- Interest + MI left
- $507,346
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $315,753 | $315,753 | $345,753 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,517.10 | $1,517.10 | $2,342.25 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $250.38 | $250.38 | $69.15 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $2,299.48 | $2,605.18 | $2,943.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,247
Closing costs & prepaids$12,603
Usable credit−$0
Total buyer cash needed$31,850
Earnest money paid−$0
Remaining funds due$31,850
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$708.00
Prepaid interest, first (9 days)$244.47
Prepaid interest, second (9 days)$87.84
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$51,783Through Dec 2026
Assumption only · ends Jan 2052$184,955
Assumption + second · ends Jan 2052, second Jan 2057$265,007
New conventional · ends Jan 2057$507,346