Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,278/mo
Lowest payment- Down payment
- $122,502
- Funds due
- $134,469
- Interest + MI left
- $181,546
- First ends
- Jan 2052
Assumption
Assumption + second
$2,914/mo
+$636/mo- Down payment
- $43,502
- Funds due
- $56,894
- Interest + MI left
- $331,381
- First ends
- Jan 2052
New loan
New conventional
$3,264/mo
+$986/mo- Down payment
- $43,502
- Funds due
- $53,687
- Interest + MI left
- $572,435
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $312,498 | $312,498 | $391,498 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,496.54 | $1,496.54 | $2,652.14 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $247.93 | $247.93 | $78.30 |
| Taxes, insurance & HOA | $534.00 | $534.00 | $534.00 |
| Total housing payment | $2,278.48 | $2,914.13 | $3,264.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,502
Closing costs & prepaids$13,392
Usable credit−$0
Total buyer cash needed$56,894
Earnest money paid−$0
Remaining funds due$56,894
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)$630.00
Prepaid interest, first (9 days)$239.64
Prepaid interest, second (9 days)$175.32
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 3.11%
Interest already paid$50,774Through Dec 2026
Assumption only · ends Jan 2052$181,546
Assumption + second · ends Jan 2052, second Jan 2057$331,381
New conventional · ends Jan 2057$572,435