Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,345/mo
Lowest payment- Down payment
- $172,462
- Funds due
- $187,255
- Interest + MI left
- $279,590
- First ends
- Mar 2052
Assumption
Assumption + second
$4,109/mo
+$763/mo- Down payment
- $68,462
- Funds due
- $84,664
- Interest + MI left
- $450,311
- First ends
- Mar 2052
New loan
New conventional
$4,844/mo
+$1,498/mo- Down payment
- $68,462
- Funds due
- $81,330
- Interest + MI left
- $894,170
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,538 | $507,538 | $611,538 |
| Second mortgage | — | $104,000 | — |
| First P&I | $2,364.44 | $2,364.44 | $4,142.77 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $402.38 | $402.38 | $122.31 |
| Taxes, insurance & HOA | $578.67 | $578.67 | $578.67 |
| Total housing payment | $3,345.48 | $4,108.60 | $4,843.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,462
Closing costs & prepaids$16,203
Usable credit−$0
Total buyer cash needed$84,664
Earnest money paid−$0
Remaining funds due$84,664
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)$420.00
Prepaid interest, first (7 days)$282.27
Prepaid interest, second (7 days)$159.56
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 2.9%
Interest already paid$74,251Through Dec 2026
Assumption only · ends Mar 2052$279,590
Assumption + second · ends Mar 2052, second Jan 2057$450,311
New conventional · ends Jan 2057$894,170