Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,069/mo
Lowest payment- Down payment
- $127,597
- Funds due
- $139,085
- Interest + MI left
- $171,825
- First ends
- Jan 2052
Assumption
Assumption + second
$2,753/mo
+$684/mo- Down payment
- $42,597
- Funds due
- $55,523
- Interest + MI left
- $333,040
- First ends
- Jan 2052
New loan
New conventional
$3,079/mo
+$1,010/mo- Down payment
- $42,597
- Funds due
- $52,309
- Interest + MI left
- $559,136
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,403 | $297,403 | $382,403 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,421.14 | $1,421.14 | $2,590.53 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $236.04 | $236.04 | $76.48 |
| Taxes, insurance & HOA | $412.00 | $412.00 | $412.00 |
| Total housing payment | $2,069.18 | $2,753.11 | $3,079.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,597
Closing costs & prepaids$12,926
Usable credit−$0
Total buyer cash needed$55,523
Earnest money paid−$0
Remaining funds due$55,523
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$276.00
Prepaid interest, first (9 days)$226.60
Prepaid interest, second (9 days)$188.63
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 3.09%
Interest already paid$48,019Through Dec 2026
Assumption only · ends Jan 2052$171,825
Assumption + second · ends Jan 2052, second Jan 2057$333,040
New conventional · ends Jan 2057$559,136