Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,548/mo
Lowest payment- Down payment
- $98,544
- Funds due
- $112,894
- Interest + MI left
- $309,292
- First ends
- Mar 2052
Assumption
Assumption + second
$3,806/mo
+$257/mo- Down payment
- $66,544
- Funds due
- $82,200
- Interest + MI left
- $369,984
- First ends
- Mar 2052
New loan
New conventional
$4,627/mo
+$1,078/mo- Down payment
- $66,544
- Funds due
- $78,934
- Interest + MI left
- $867,731
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $561,456 | $561,456 | $593,456 |
| Second mortgage | — | $32,000 | — |
| First P&I | $2,615.62 | $2,615.62 | $4,020.28 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $445.12 | $445.12 | $118.69 |
| Taxes, insurance & HOA | $487.67 | $487.67 | $487.67 |
| Total housing payment | $3,548.41 | $3,805.89 | $4,626.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,544
Closing costs & prepaids$15,655
Usable credit−$0
Total buyer cash needed$82,200
Earnest money paid−$0
Remaining funds due$82,200
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,600.00
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)$792.00
Initial HOA (3 months)$171.00
Prepaid interest, first (7 days)$312.26
Prepaid interest, second (7 days)$55.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3 moOf the original 30-year loan at 2.9%
Interest already paid$82,138Through Dec 2026
Assumption only · ends Mar 2052$309,292
Assumption + second · ends Mar 2052, second Jan 2057$369,984
New conventional · ends Jan 2057$867,731