Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,090/mo
Lowest payment- Down payment
- $85,229
- Funds due
- $98,498
- Interest + MI left
- $268,021
- First ends
- Mar 2052
Assumption
Assumption + second
$3,331/mo
+$241/mo- Down payment
- $55,229
- Funds due
- $69,793
- Interest + MI left
- $324,921
- First ends
- Mar 2052
New loan
New conventional
$3,953/mo
+$863/mo- Down payment
- $55,229
- Funds due
- $66,490
- Interest + MI left
- $716,126
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $459,771 | $459,771 | $489,771 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,189.83 | $2,189.83 | $3,317.88 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $363.25 | $363.25 | $97.95 |
| Taxes, insurance & HOA | $536.67 | $536.67 | $536.67 |
| Total housing payment | $3,089.74 | $3,331.13 | $3,952.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,229
Closing costs & prepaids$14,564
Usable credit−$0
Total buyer cash needed$69,793
Earnest money paid−$0
Remaining funds due$69,793
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,450.00
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)$654.00
Initial HOA (3 months)$456.00
Prepaid interest, first (6 days)$234.29
Prepaid interest, second (6 days)$44.38
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 3 moOf the original 30-year loan at 3.1%
Interest already paid$71,771Through Dec 2026
Assumption only · ends Mar 2052$268,021
Assumption + second · ends Mar 2052, second Jan 2057$324,921
New conventional · ends Jan 2057$716,126