Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,733/mo
Lowest payment- Down payment
- $129,367
- Funds due
- $142,222
- Interest + MI left
- $243,021
- First ends
- Jan 2052
Assumption
Assumption + second
$3,328/mo
+$595/mo- Down payment
- $55,367
- Funds due
- $69,582
- Interest + MI left
- $383,373
- First ends
- Jan 2052
New loan
New conventional
$3,838/mo
+$1,106/mo- Down payment
- $55,367
- Funds due
- $66,238
- Interest + MI left
- $723,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,633 | $420,633 | $494,633 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,009.99 | $2,009.99 | $3,350.82 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $333.84 | $333.84 | $98.93 |
| Taxes, insurance & HOA | $388.75 | $388.75 | $388.75 |
| Total housing payment | $2,732.58 | $3,328.00 | $3,838.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,367
Closing costs & prepaids$14,214
Usable credit−$0
Total buyer cash needed$69,582
Earnest money paid−$0
Remaining funds due$69,582
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Initial HOA (3 months)$6.24
Prepaid interest, first (6 days)$213.66
Prepaid interest, second (6 days)$109.48
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 1 moOf the original 30-year loan at 3.09%
Interest already paid$67,916Through Dec 2026
Assumption only · ends Jan 2052$243,021
Assumption + second · ends Jan 2052, second Jan 2057$383,373
New conventional · ends Jan 2057$723,235