Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,111/mo
Lowest payment- Down payment
- $90,419
- Funds due
- $101,496
- Interest + MI left
- $182,901
- First ends
- Feb 2052
Assumption
Assumption + second
$2,513/mo
+$402/mo- Down payment
- $40,419
- Funds due
- $52,820
- Interest + MI left
- $277,733
- First ends
- Feb 2052
New loan
New conventional
$2,870/mo
+$759/mo- Down payment
- $40,419
- Funds due
- $49,549
- Interest + MI left
- $518,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,581 | $304,581 | $354,581 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,473.07 | $1,473.07 | $2,402.06 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $240.66 | $240.66 | $70.92 |
| Taxes, insurance & HOA | $397.00 | $397.00 | $397.00 |
| Total housing payment | $2,110.74 | $2,513.05 | $2,869.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,419
Closing costs & prepaids$12,401
Usable credit−$0
Total buyer cash needed$52,820
Earnest money paid−$0
Remaining funds due$52,820
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$267.00
Prepaid interest, first (6 days)$161.22
Prepaid interest, second (6 days)$73.97
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 3.22%
Interest already paid$50,259Through Dec 2026
Assumption only · ends Feb 2052$182,901
Assumption + second · ends Feb 2052, second Jan 2057$277,733
New conventional · ends Jan 2057$518,385