Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,910/mo
Lowest payment- Down payment
- $69,178
- Funds due
- $79,927
- Interest + MI left
- $141,675
- First ends
- Feb 2052
Assumption
Assumption + second
$2,208/mo
+$298/mo- Down payment
- $32,178
- Funds due
- $44,259
- Interest + MI left
- $211,850
- First ends
- Feb 2052
New loan
New conventional
$2,518/mo
+$608/mo- Down payment
- $32,178
- Funds due
- $41,120
- Interest + MI left
- $413,476
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,822 | $245,822 | $282,822 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,169.51 | $1,169.51 | $1,915.93 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $194.74 | $194.74 | $56.56 |
| Taxes, insurance & HOA | $546.00 | $546.00 | $546.00 |
| Total housing payment | $1,910.25 | $2,207.96 | $2,518.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,178
Closing costs & prepaids$12,081
Usable credit−$0
Total buyer cash needed$44,259
Earnest money paid−$0
Remaining funds due$44,259
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Initial HOA (3 months)$810.00
Prepaid interest, first (9 days)$186.08
Prepaid interest, second (9 days)$82.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.07%
Interest already paid$38,726Through Dec 2026
Assumption only · ends Feb 2052$141,675
Assumption + second · ends Feb 2052, second Jan 2057$211,850
New conventional · ends Jan 2057$413,476