Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,992/mo
Lowest payment- Down payment
- $95,206
- Funds due
- $106,096
- Interest + MI left
- $166,890
- First ends
- Jan 2052
Assumption
Assumption + second
$2,435/mo
+$443/mo- Down payment
- $40,206
- Funds due
- $52,428
- Interest + MI left
- $271,206
- First ends
- Jan 2052
New loan
New conventional
$2,833/mo
+$840/mo- Down payment
- $40,206
- Funds due
- $49,174
- Interest + MI left
- $526,078
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,794 | $304,794 | $359,794 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,426.33 | $1,426.33 | $2,437.37 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $242.73 | $242.73 | $71.96 |
| Taxes, insurance & HOA | $323.33 | $323.33 | $323.33 |
| Total housing payment | $1,992.39 | $2,434.93 | $2,832.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,206
Closing costs & prepaids$12,222
Usable credit−$0
Total buyer cash needed$52,428
Earnest money paid−$0
Remaining funds due$52,428
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$145.30
Prepaid interest, second (6 days)$81.37
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 2.9%
Interest already paid$46,269Through Dec 2026
Assumption only · ends Jan 2052$166,890
Assumption + second · ends Jan 2052, second Jan 2057$271,206
New conventional · ends Jan 2057$526,078