Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,431/mo
Lowest payment- Down payment
- $140,854
- Funds due
- $155,335
- Interest + MI left
- $293,507
- First ends
- Jan 2052
Assumption
Assumption + second
$4,010/mo
+$579/mo- Down payment
- $68,854
- Funds due
- $84,692
- Interest + MI left
- $430,066
- First ends
- Jan 2052
New loan
New conventional
$4,746/mo
+$1,315/mo- Down payment
- $68,854
- Funds due
- $81,313
- Interest + MI left
- $893,597
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $539,146 | $539,146 | $611,146 |
| Second mortgage | — | $72,000 | — |
| First P&I | $2,517.44 | $2,517.44 | $4,140.12 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $429.52 | $429.52 | $122.23 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $3,430.63 | $4,009.96 | $4,746.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,854
Closing costs & prepaids$15,838
Usable credit−$0
Total buyer cash needed$84,692
Earnest money paid−$0
Remaining funds due$84,692
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,800.00
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)$816.00
Initial HOA (3 months)$135.00
Prepaid interest, first (6 days)$255.24
Prepaid interest, second (6 days)$106.52
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 2.88%
Interest already paid$81,296Through Dec 2026
Assumption only · ends Jan 2052$293,507
Assumption + second · ends Jan 2052, second Jan 2057$430,066
New conventional · ends Jan 2057$893,597