Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,224/mo
Lowest payment- Down payment
- $99,058
- Funds due
- $110,414
- Interest + MI left
- $195,771
- First ends
- Feb 2052
Assumption
Assumption + second
$2,667/mo
+$443/mo- Down payment
- $44,058
- Funds due
- $56,745
- Interest + MI left
- $300,087
- First ends
- Feb 2052
New loan
New conventional
$3,080/mo
+$855/mo- Down payment
- $44,058
- Funds due
- $53,463
- Interest + MI left
- $571,622
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,942 | $335,942 | $390,942 |
| Second mortgage | — | $55,000 | — |
| First P&I | $1,605.30 | $1,605.30 | $2,648.38 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $265.95 | $265.95 | $78.19 |
| Taxes, insurance & HOA | $353.17 | $353.17 | $353.17 |
| Total housing payment | $2,224.42 | $2,666.96 | $3,079.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,058
Closing costs & prepaids$12,688
Usable credit−$0
Total buyer cash needed$56,745
Earnest money paid−$0
Remaining funds due$56,745
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$87.51
Prepaid interest, first (6 days)$171.74
Prepaid interest, second (6 days)$81.37
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 3.11%
Interest already paid$53,593Through Dec 2026
Assumption only · ends Feb 2052$195,771
Assumption + second · ends Feb 2052, second Jan 2057$300,087
New conventional · ends Jan 2057$571,622