Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,369/mo
Lowest payment- Down payment
- $118,663
- Funds due
- $133,331
- Interest + MI left
- $360,580
- First ends
- Jan 2055
Assumption
Assumption + second
$3,756/mo
+$386/mo- Down payment
- $70,663
- Funds due
- $86,652
- Interest + MI left
- $451,619
- First ends
- Jan 2055
New loan
New conventional
$4,847/mo
+$1,477/mo- Down payment
- $70,663
- Funds due
- $83,257
- Interest + MI left
- $918,733
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $580,337 | $580,337 | $628,337 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,628.04 | $2,628.04 | $4,256.57 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $276.77 | $276.77 | $125.67 |
| Taxes, insurance & HOA | $464.58 | $464.58 | $464.58 |
| Total housing payment | $3,369.39 | $3,755.60 | $4,846.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,663
Closing costs & prepaids$15,990
Usable credit−$0
Total buyer cash needed$86,652
Earnest money paid−$0
Remaining funds due$86,652
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,990.00
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)$838.75
Initial HOA (3 months)$54.99
Prepaid interest, first (6 days)$310.04
Prepaid interest, second (6 days)$71.01
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 closing28 yr 1 moOf the original 30-year loan at 3.25%
Interest already paid$36,922Through Dec 2026
Assumption only · ends Jan 2055$360,580
Assumption + second · ends Jan 2055, second Jan 2057$451,619
New conventional · ends Jan 2057$918,733