Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,435/mo
Lowest payment- Down payment
- $63,217
- Funds due
- $72,674
- Interest + MI left
- $116,967
- First ends
- Jan 2052
Assumption
Assumption + second
$1,725/mo
+$290/mo- Down payment
- $27,217
- Funds due
- $37,977
- Interest + MI left
- $185,246
- First ends
- Jan 2052
New loan
New conventional
$1,964/mo
+$530/mo- Down payment
- $27,217
- Funds due
- $34,779
- Interest + MI left
- $346,169
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $200,783 | $200,783 | $236,783 |
| Second mortgage | — | $36,000 | — |
| First P&I | $962.60 | $962.60 | $1,604.05 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $159.27 | $159.27 | $47.36 |
| Taxes, insurance & HOA | $313.08 | $313.08 | $313.08 |
| Total housing payment | $1,434.95 | $1,724.62 | $1,964.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,217
Closing costs & prepaids$10,760
Usable credit−$0
Total buyer cash needed$37,977
Earnest money paid−$0
Remaining funds due$37,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,640.00
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)$316.75
Initial HOA (3 months)$172.50
Prepaid interest, first (6 days)$102.98
Prepaid interest, second (6 days)$53.26
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 3.12%
Interest already paid$32,725Through Dec 2026
Assumption only · ends Jan 2052$116,967
Assumption + second · ends Jan 2052, second Jan 2057$185,246
New conventional · ends Jan 2057$346,169