Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,011/mo
Lowest payment- Down payment
- $83,925
- Funds due
- $94,783
- Interest + MI left
- $169,681
- First ends
- Mar 2052
Assumption
Assumption + second
$2,381/mo
+$370/mo- Down payment
- $37,925
- Funds due
- $50,101
- Interest + MI left
- $256,926
- First ends
- Mar 2052
New loan
New conventional
$2,746/mo
+$735/mo- Down payment
- $37,925
- Funds due
- $46,854
- Interest + MI left
- $492,859
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,075 | $291,075 | $337,075 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,386.35 | $1,386.35 | $2,283.46 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $229.97 | $229.97 | $67.42 |
| Taxes, insurance & HOA | $395.00 | $395.00 | $395.00 |
| Total housing payment | $2,011.32 | $2,381.45 | $2,745.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,925
Closing costs & prepaids$12,176
Usable credit−$0
Total buyer cash needed$50,101
Earnest money paid−$0
Remaining funds due$50,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$285.00
Prepaid interest, first (6 days)$148.33
Prepaid interest, second (6 days)$68.05
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$45,437Through Dec 2026
Assumption only · ends Mar 2052$169,681
Assumption + second · ends Mar 2052, second Jan 2057$256,926
New conventional · ends Jan 2057$492,859