Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,979/mo
Lowest payment- Down payment
- $72,066
- Funds due
- $84,891
- Interest + MI left
- $263,345
- First ends
- Feb 2052
Assumption
Assumption + second
$3,438/mo
+$459/mo- Down payment
- $27,066
- Funds due
- $41,229
- Interest + MI left
- $383,423
- First ends
- Feb 2052
New loan
New conventional
$3,944/mo
+$965/mo- Down payment
- $27,066
- Funds due
- $38,183
- Interest + MI left
- $736,521
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,934 | $456,934 | $501,934 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,173.89 | $2,173.89 | $3,400.28 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $361.98 | $361.98 | $100.39 |
| Taxes, insurance & HOA | $443.25 | $443.25 | $443.25 |
| Total housing payment | $2,979.12 | $3,437.67 | $3,943.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,066
Closing costs & prepaids$14,163
Usable credit−$0
Total buyer cash needed$41,229
Earnest money paid−$0
Remaining funds due$41,229
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$634.75
Initial HOA (3 months)$195.00
Prepaid interest, first (6 days)$230.60
Prepaid interest, second (6 days)$87.84
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$71,984Through Dec 2026
Assumption only · ends Feb 2052$263,345
Assumption + second · ends Feb 2052, second Jan 2057$383,423
New conventional · ends Jan 2057$736,521