Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,508/mo
Lowest payment- Down payment
- $83,842
- Funds due
- $95,932
- Interest + MI left
- $190,269
- First ends
- Jan 2052
Assumption
Assumption + second
$2,846/mo
+$338/mo- Down payment
- $41,842
- Funds due
- $55,244
- Interest + MI left
- $269,928
- First ends
- Jan 2052
New loan
New conventional
$3,269/mo
+$761/mo- Down payment
- $41,842
- Funds due
- $51,987
- Interest + MI left
- $545,619
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $331,158 | $331,158 | $373,158 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,578.97 | $1,578.97 | $2,527.90 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $262.92 | $262.92 | $74.63 |
| Taxes, insurance & HOA | $666.00 | $666.00 | $666.00 |
| Total housing payment | $2,507.90 | $2,845.84 | $3,268.53 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,842
Closing costs & prepaids$13,402
Usable credit−$0
Total buyer cash needed$55,244
Earnest money paid−$0
Remaining funds due$55,244
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$1,050.00
Prepaid interest, first (6 days)$167.12
Prepaid interest, second (6 days)$62.14
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$53,133Through Dec 2026
Assumption only · ends Jan 2052$190,269
Assumption + second · ends Jan 2052, second Jan 2057$269,928
New conventional · ends Jan 2057$545,619