Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,597/mo
Lowest payment- Down payment
- $41,855
- Funds due
- $51,441
- Interest + MI left
- $135,391
- First ends
- Jan 2052
Assumption
Assumption + second
$1,872/mo
+$275/mo- Down payment
- $14,855
- Funds due
- $25,770
- Interest + MI left
- $207,438
- First ends
- Jan 2052
New loan
New conventional
$2,118/mo
+$521/mo- Down payment
- $14,855
- Funds due
- $22,779
- Interest + MI left
- $385,344
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,645 | $235,645 | $262,645 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,123.57 | $1,123.57 | $1,779.25 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $187.09 | $187.09 | $52.53 |
| Taxes, insurance & HOA | $286.00 | $286.00 | $286.00 |
| Total housing payment | $1,596.66 | $1,871.79 | $2,117.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,855
Closing costs & prepaids$10,915
Usable credit−$0
Total buyer cash needed$25,770
Earnest money paid−$0
Remaining funds due$25,770
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,775.00
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)$333.00
Initial HOA (3 months)$75.00
Prepaid interest, first (9 days)$178.38
Prepaid interest, second (9 days)$79.06
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$37,809Through Dec 2026
Assumption only · ends Jan 2052$135,391
Assumption + second · ends Jan 2052, second Jan 2057$207,438
New conventional · ends Jan 2057$385,344