Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,158/mo
Lowest payment- Down payment
- $91,031
- Funds due
- $102,410
- Interest + MI left
- $168,919
- First ends
- Mar 2052
Assumption
Assumption + second
$2,585/mo
+$426/mo- Down payment
- $38,031
- Funds due
- $50,739
- Interest + MI left
- $269,441
- First ends
- Mar 2052
New loan
New conventional
$2,937/mo
+$779/mo- Down payment
- $38,031
- Funds due
- $47,485
- Interest + MI left
- $500,015
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,969 | $288,969 | $341,969 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,377.83 | $1,377.83 | $2,316.62 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $228.26 | $228.26 | $68.39 |
| Taxes, insurance & HOA | $552.00 | $552.00 | $552.00 |
| Total housing payment | $2,158.10 | $2,584.55 | $2,937.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,031
Closing costs & prepaids$12,707
Usable credit−$0
Total buyer cash needed$50,739
Earnest money paid−$0
Remaining funds due$50,739
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,800.00
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)$456.00
Initial HOA (3 months)$750.00
Prepaid interest, first (6 days)$147.73
Prepaid interest, second (6 days)$78.41
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 3.11%
Interest already paid$45,250Through Dec 2026
Assumption only · ends Mar 2052$168,919
Assumption + second · ends Mar 2052, second Jan 2057$269,441
New conventional · ends Jan 2057$500,015