Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,415/mo
Lowest payment- Down payment
- $193,845
- Funds due
- $204,669
- Interest + MI left
- $111,088
- First ends
- Feb 2052
Assumption
Assumption + second
$2,552/mo
+$1,137/mo- Down payment
- $38,845
- Funds due
- $51,225
- Interest + MI left
- $365,529
- First ends
- Feb 2052
New loan
New conventional
$2,765/mo
+$1,350/mo- Down payment
- $38,845
- Funds due
- $47,947
- Interest + MI left
- $506,134
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,154 | $191,154 | $346,154 |
| Second mortgage | — | $155,000 | — |
| First P&I | $912.43 | $912.43 | $2,344.97 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $151.35 | $151.35 | $69.23 |
| Taxes, insurance & HOA | $351.00 | $351.00 | $351.00 |
| Total housing payment | $1,414.78 | $2,552.12 | $2,765.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,845
Closing costs & prepaids$12,380
Usable credit−$0
Total buyer cash needed$51,225
Earnest money paid−$0
Remaining funds due$51,225
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.99
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)$462.00
Initial HOA (3 months)$141.00
Prepaid interest, first (9 days)$146.11
Prepaid interest, second (9 days)$305.75
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$30,400Through Dec 2026
Assumption only · ends Feb 2052$111,088
Assumption + second · ends Feb 2052, second Jan 2057$365,529
New conventional · ends Jan 2057$506,134