Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,790/mo
Lowest payment- Down payment
- $81,512
- Funds due
- $92,164
- Interest + MI left
- $123,151
- First ends
- Mar 2052
Assumption
Assumption + second
$2,200/mo
+$410/mo- Down payment
- $30,512
- Funds due
- $42,490
- Interest + MI left
- $219,880
- First ends
- Mar 2052
New loan
New conventional
$2,469/mo
+$680/mo- Down payment
- $30,512
- Funds due
- $39,270
- Interest + MI left
- $393,981
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,487 | $218,487 | $269,487 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,026.92 | $1,026.92 | $1,825.60 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $172.98 | $172.98 | $53.90 |
| Taxes, insurance & HOA | $590.00 | $590.00 | $590.00 |
| Total housing payment | $1,789.90 | $2,200.26 | $2,469.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,512
Closing costs & prepaids$11,977
Usable credit−$0
Total buyer cash needed$42,490
Earnest money paid−$0
Remaining funds due$42,490
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.99
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)$360.00
Initial HOA (3 months)$960.00
Prepaid interest, first (6 days)$107.03
Prepaid interest, second (6 days)$75.45
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 3 moOf the original 30-year loan at 2.98%
Interest already paid$32,821Through Dec 2026
Assumption only · ends Mar 2052$123,151
Assumption + second · ends Mar 2052, second Jan 2057$219,880
New conventional · ends Jan 2057$393,981