Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,954/mo
Lowest payment- Down payment
- $125,996
- Funds due
- $139,430
- Interest + MI left
- $250,774
- First ends
- Jan 2052
Assumption
Assumption + second
$3,510/mo
+$555/mo- Down payment
- $56,996
- Funds due
- $71,799
- Interest + MI left
- $381,642
- First ends
- Jan 2052
New loan
New conventional
$4,060/mo
+$1,106/mo- Down payment
- $56,996
- Funds due
- $68,502
- Interest + MI left
- $742,640
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,904 | $438,904 | $507,904 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,088.13 | $2,088.13 | $3,440.72 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $348.59 | $348.59 | $101.58 |
| Taxes, insurance & HOA | $517.67 | $517.67 | $517.67 |
| Total housing payment | $2,954.38 | $3,509.57 | $4,059.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,996
Closing costs & prepaids$14,803
Usable credit−$0
Total buyer cash needed$71,799
Earnest money paid−$0
Remaining funds due$71,799
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,649.00
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)$678.00
Initial HOA (3 months)$375.00
Prepaid interest, first (7 days)$256.73
Prepaid interest, second (7 days)$119.10
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 1 moOf the original 30-year loan at 3.05%
Interest already paid$69,975Through Dec 2026
Assumption only · ends Jan 2052$250,774
Assumption + second · ends Jan 2052, second Jan 2057$381,642
New conventional · ends Jan 2057$742,640