Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,366/mo
Lowest payment- Down payment
- $140,849
- Funds due
- $153,123
- Interest + MI left
- $209,365
- First ends
- Mar 2052
Assumption
Assumption + second
$3,090/mo
+$724/mo- Down payment
- $50,849
- Funds due
- $64,506
- Interest + MI left
- $380,062
- First ends
- Mar 2052
New loan
New conventional
$3,504/mo
+$1,138/mo- Down payment
- $50,849
- Funds due
- $61,161
- Interest + MI left
- $656,642
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,150 | $359,150 | $449,150 |
| Second mortgage | — | $90,000 | — |
| First P&I | $1,710.58 | $1,710.58 | $3,042.70 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $283.75 | $283.75 | $89.83 |
| Taxes, insurance & HOA | $371.84 | $371.84 | $371.84 |
| Total housing payment | $2,366.17 | $3,090.33 | $3,504.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,849
Closing costs & prepaids$13,657
Usable credit−$0
Total buyer cash needed$64,506
Earnest money paid−$0
Remaining funds due$64,506
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.99
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)$600.00
Initial HOA (3 months)$15.51
Prepaid interest, first (6 days)$183.02
Prepaid interest, second (6 days)$133.15
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 3.1%
Interest already paid$56,064Through Dec 2026
Assumption only · ends Mar 2052$209,365
Assumption + second · ends Mar 2052, second Jan 2057$380,062
New conventional · ends Jan 2057$656,642