Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,917/mo
Lowest payment- Down payment
- $45,298
- Funds due
- $55,713
- Interest + MI left
- $146,734
- First ends
- Feb 2052
Assumption
Assumption + second
$2,223/mo
+$306/mo- Down payment
- $15,298
- Funds due
- $27,021
- Interest + MI left
- $226,787
- First ends
- Feb 2052
New loan
New conventional
$2,489/mo
+$572/mo- Down payment
- $15,298
- Funds due
- $23,967
- Interest + MI left
- $417,672
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $254,602 | $254,602 | $284,602 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,211.28 | $1,211.28 | $1,927.99 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $201.70 | $201.70 | $56.92 |
| Taxes, insurance & HOA | $504.00 | $504.00 | $504.00 |
| Total housing payment | $1,916.98 | $2,222.68 | $2,488.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,298
Closing costs & prepaids$11,723
Usable credit−$0
Total buyer cash needed$27,021
Earnest money paid−$0
Remaining funds due$27,021
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Initial HOA (3 months)$702.00
Prepaid interest, first (6 days)$128.49
Prepaid interest, second (6 days)$58.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$40,109Through Dec 2026
Assumption only · ends Feb 2052$146,734
Assumption + second · ends Feb 2052, second Jan 2057$226,787
New conventional · ends Jan 2057$417,672