Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,731/mo
Lowest payment- Down payment
- $139,517
- Funds due
- $152,482
- Interest + MI left
- $241,591
- First ends
- Jan 2052
Assumption
Assumption + second
$3,399/mo
+$668/mo- Down payment
- $56,517
- Funds due
- $70,855
- Interest + MI left
- $399,012
- First ends
- Jan 2052
New loan
New conventional
$3,904/mo
+$1,173/mo- Down payment
- $56,517
- Funds due
- $67,499
- Interest + MI left
- $736,175
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,483 | $420,483 | $503,483 |
| Second mortgage | — | $83,000 | — |
| First P&I | $2,004.88 | $2,004.88 | $3,410.77 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $333.84 | $333.84 | $100.70 |
| Taxes, insurance & HOA | $392.75 | $392.75 | $392.75 |
| Total housing payment | $2,731.47 | $3,399.31 | $3,904.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,517
Closing costs & prepaids$14,338
Usable credit−$0
Total buyer cash needed$70,855
Earnest money paid−$0
Remaining funds due$70,855
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$672.00
Initial HOA (3 months)$6.24
Prepaid interest, first (6 days)$212.20
Prepaid interest, second (6 days)$122.79
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 3.07%
Interest already paid$67,465Through Dec 2026
Assumption only · ends Jan 2052$241,591
Assumption + second · ends Jan 2052, second Jan 2057$399,012
New conventional · ends Jan 2057$736,175