Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,649/mo
Lowest payment- Down payment
- $48,141
- Funds due
- $59,976
- Interest + MI left
- $231,546
- First ends
- Feb 2052
Assumption
Assumption + second
$2,903/mo
+$255/mo- Down payment
- $23,141
- Funds due
- $36,299
- Interest + MI left
- $298,256
- First ends
- Feb 2052
New loan
New conventional
$3,395/mo
+$747/mo- Down payment
- $23,141
- Funds due
- $33,396
- Interest + MI left
- $626,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,759 | $401,759 | $426,759 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,911.39 | $1,911.39 | $2,891.01 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $318.27 | $318.27 | $85.35 |
| Taxes, insurance & HOA | $419.00 | $419.00 | $419.00 |
| Total housing payment | $2,648.66 | $2,903.41 | $3,395.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,141
Closing costs & prepaids$13,158
Usable credit−$0
Total buyer cash needed$36,299
Earnest money paid−$0
Remaining funds due$36,299
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.00
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)$540.00
Initial HOA (3 months)$267.00
Prepaid interest, first (9 days)$304.13
Prepaid interest, second (9 days)$73.20
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$63,292Through Dec 2026
Assumption only · ends Feb 2052$231,546
Assumption + second · ends Feb 2052, second Jan 2057$298,256
New conventional · ends Jan 2057$626,211