Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,769/mo
Lowest payment- Down payment
- $46,619
- Funds due
- $56,614
- Interest + MI left
- $151,794
- First ends
- Feb 2052
Assumption
Assumption + second
$2,085/mo
+$316/mo- Down payment
- $15,619
- Funds due
- $26,955
- Interest + MI left
- $234,515
- First ends
- Feb 2052
New loan
New conventional
$2,360/mo
+$591/mo- Down payment
- $15,619
- Funds due
- $23,980
- Interest + MI left
- $432,023
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,381 | $263,381 | $294,381 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,253.05 | $1,253.05 | $1,994.24 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $208.65 | $208.65 | $58.88 |
| Taxes, insurance & HOA | $307.00 | $307.00 | $307.00 |
| Total housing payment | $1,768.70 | $2,084.59 | $2,360.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,619
Closing costs & prepaids$11,336
Usable credit−$0
Total buyer cash needed$26,955
Earnest money paid−$0
Remaining funds due$26,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$372.00
Initial HOA (3 months)$99.00
Prepaid interest, first (9 days)$199.38
Prepaid interest, second (9 days)$90.77
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$41,492Through Dec 2026
Assumption only · ends Feb 2052$151,794
Assumption + second · ends Feb 2052, second Jan 2057$234,515
New conventional · ends Jan 2057$432,023