Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,286/mo
Lowest payment- Down payment
- $151,831
- Funds due
- $164,266
- Interest + MI left
- $185,679
- First ends
- Jan 2052
Assumption
Assumption + second
$3,049/mo
+$763/mo- Down payment
- $47,831
- Funds due
- $61,721
- Interest + MI left
- $356,400
- First ends
- Jan 2052
New loan
New conventional
$3,468/mo
+$1,182/mo- Down payment
- $47,831
- Funds due
- $58,500
- Interest + MI left
- $624,592
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,169 | $323,169 | $427,169 |
| Second mortgage | — | $104,000 | — |
| First P&I | $1,540.89 | $1,540.89 | $2,893.79 |
| Second P&I | — | $763.12 | — |
| Mortgage insurance | $256.58 | $256.58 | $85.43 |
| Taxes, insurance & HOA | $488.67 | $488.67 | $488.67 |
| Total housing payment | $2,286.13 | $3,049.25 | $3,467.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,831
Closing costs & prepaids$13,891
Usable credit−$0
Total buyer cash needed$61,721
Earnest money paid−$0
Remaining funds due$61,721
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$244.63
Prepaid interest, second (9 days)$205.15
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 1 moOf the original 30-year loan at 3.07%
Interest already paid$51,852Through Dec 2026
Assumption only · ends Jan 2052$185,679
Assumption + second · ends Jan 2052, second Jan 2057$356,400
New conventional · ends Jan 2057$624,592