Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,270/mo
Lowest payment- Down payment
- $104,026
- Funds due
- $115,664
- Interest + MI left
- $194,669
- First ends
- Feb 2052
Assumption
Assumption + second
$2,753/mo
+$483/mo- Down payment
- $44,026
- Funds due
- $57,047
- Interest + MI left
- $308,467
- First ends
- Feb 2052
New loan
New conventional
$3,160/mo
+$891/mo- Down payment
- $44,026
- Funds due
- $53,867
- Interest + MI left
- $577,517
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,974 | $334,974 | $394,974 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,598.92 | $1,598.92 | $2,675.69 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $265.23 | $265.23 | $78.99 |
| Taxes, insurance & HOA | $405.58 | $405.58 | $405.58 |
| Total housing payment | $2,269.73 | $2,752.51 | $3,160.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,026
Closing costs & prepaids$13,021
Usable credit−$0
Total buyer cash needed$57,047
Earnest money paid−$0
Remaining funds due$57,047
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$526.75
Initial HOA (3 months)$240.00
Prepaid interest, first (9 days)$256.05
Prepaid interest, second (9 days)$133.15
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 2 moOf the original 30-year loan at 3.1%
Interest already paid$53,272Through Dec 2026
Assumption only · ends Feb 2052$194,669
Assumption + second · ends Feb 2052, second Jan 2057$308,467
New conventional · ends Jan 2057$577,517