Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,513/mo
Lowest payment- Down payment
- $72,444
- Funds due
- $84,153
- Interest + MI left
- $218,808
- First ends
- Feb 2052
Assumption
Assumption + second
$2,730/mo
+$217/mo- Down payment
- $45,444
- Funds due
- $58,443
- Interest + MI left
- $270,018
- First ends
- Feb 2052
New loan
New conventional
$3,236/mo
+$722/mo- Down payment
- $45,444
- Funds due
- $55,184
- Interest + MI left
- $591,528
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,556 | $377,556 | $404,556 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,800.20 | $1,800.20 | $2,740.60 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $299.00 | $299.00 | $80.91 |
| Taxes, insurance & HOA | $414.00 | $414.00 | $414.00 |
| Total housing payment | $2,513.19 | $2,730.44 | $3,235.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,444
Closing costs & prepaids$12,999
Usable credit−$0
Total buyer cash needed$58,443
Earnest money paid−$0
Remaining funds due$58,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$252.00
Prepaid interest, first (6 days)$191.78
Prepaid interest, second (6 days)$39.95
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 3.09%
Interest already paid$59,855Through Dec 2026
Assumption only · ends Feb 2052$218,808
Assumption + second · ends Feb 2052, second Jan 2057$270,018
New conventional · ends Jan 2057$591,528