Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $96,067
- Funds due
- $106,482
- Interest + MI left
- $118,842
- First ends
- Feb 2052
Assumption
Assumption + second
$2,179/mo
+$531/mo- Down payment
- $30,067
- Funds due
- $41,830
- Interest + MI left
- $244,021
- First ends
- Feb 2052
New loan
New conventional
$2,395/mo
+$747/mo- Down payment
- $30,067
- Funds due
- $38,596
- Interest + MI left
- $394,687
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,933 | $203,933 | $269,933 |
| Second mortgage | — | $66,000 | — |
| First P&I | $974.49 | $974.49 | $1,828.62 |
| Second P&I | — | $531.05 | — |
| Mortgage insurance | $161.44 | $161.44 | $53.99 |
| Taxes, insurance & HOA | $512.00 | $512.00 | $512.00 |
| Total housing payment | $1,647.94 | $2,178.99 | $2,394.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,067
Closing costs & prepaids$11,763
Usable credit−$0
Total buyer cash needed$41,830
Earnest money paid−$0
Remaining funds due$41,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,000.00
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)$360.00
Initial HOA (3 months)$726.00
Prepaid interest, first (6 days)$104.26
Prepaid interest, second (6 days)$97.64
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 2 moOf the original 30-year loan at 3.11%
Interest already paid$32,534Through Dec 2026
Assumption only · ends Feb 2052$118,842
Assumption + second · ends Feb 2052, second Jan 2057$244,021
New conventional · ends Jan 2057$394,687