Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,205/mo
Lowest payment- Down payment
- $122,909
- Funds due
- $134,712
- Interest + MI left
- $187,174
- First ends
- Jan 2052
Assumption
Assumption + second
$2,824/mo
+$620/mo- Down payment
- $45,909
- Funds due
- $59,075
- Interest + MI left
- $333,215
- First ends
- Jan 2052
New loan
New conventional
$3,208/mo
+$1,003/mo- Down payment
- $45,909
- Funds due
- $55,766
- Interest + MI left
- $591,498
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,591 | $327,591 | $404,591 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,558.55 | $1,558.55 | $2,740.84 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $260.18 | $260.18 | $80.92 |
| Taxes, insurance & HOA | $386.16 | $386.16 | $386.16 |
| Total housing payment | $2,204.89 | $2,824.45 | $3,207.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,909
Closing costs & prepaids$13,167
Usable credit−$0
Total buyer cash needed$59,075
Earnest money paid−$0
Remaining funds due$59,075
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,505.00
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)$540.50
Initial HOA (3 months)$117.99
Prepaid interest, first (6 days)$164.24
Prepaid interest, second (6 days)$113.92
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 3.05%
Interest already paid$52,228Through Dec 2026
Assumption only · ends Jan 2052$187,174
Assumption + second · ends Jan 2052, second Jan 2057$333,215
New conventional · ends Jan 2057$591,498