Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,001/mo
Lowest payment- Down payment
- $166,158
- Funds due
- $182,598
- Interest + MI left
- $361,962
- First ends
- Feb 2052
Assumption
Assumption + second
$4,701/mo
+$700/mo- Down payment
- $79,158
- Funds due
- $96,998
- Interest + MI left
- $526,970
- First ends
- Feb 2052
New loan
New conventional
$5,486/mo
+$1,485/mo- Down payment
- $79,158
- Funds due
- $93,614
- Interest + MI left
- $1,037,906
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $622,842 | $622,842 | $709,842 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,972.99 | $2,972.99 | $4,808.72 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $493.16 | $493.16 | $141.97 |
| Taxes, insurance & HOA | $535.00 | $535.00 | $535.00 |
| Total housing payment | $4,001.15 | $4,701.17 | $5,485.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$79,158
Closing costs & prepaids$17,840
Usable credit−$0
Total buyer cash needed$96,998
Earnest money paid−$0
Remaining funds due$96,998
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,890.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$946.75
Initial HOA (3 months)$8.25
Prepaid interest, first (7 days)$370.29
Prepaid interest, second (7 days)$150.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 3.1%
Interest already paid$99,052Through Dec 2026
Assumption only · ends Feb 2052$361,962
Assumption + second · ends Feb 2052, second Jan 2057$526,970
New conventional · ends Jan 2057$1,037,906