Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,246/mo
Lowest payment- Down payment
- $144,729
- Funds due
- $154,894
- Interest + MI left
- $77,146
- First ends
- Jan 2052
Assumption
Assumption + second
$2,098/mo
+$851/mo- Down payment
- $28,729
- Funds due
- $40,373
- Interest + MI left
- $267,566
- First ends
- Jan 2052
New loan
New conventional
$2,245/mo
+$999/mo- Down payment
- $28,729
- Funds due
- $37,149
- Interest + MI left
- $365,888
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $134,271 | $134,271 | $250,271 |
| Second mortgage | — | $116,000 | — |
| First P&I | $640.21 | $640.21 | $1,695.42 |
| Second P&I | — | $851.17 | — |
| Mortgage insurance | $106.60 | $106.60 | $50.05 |
| Taxes, insurance & HOA | $499.58 | $499.58 | $499.58 |
| Total housing payment | $1,246.40 | $2,097.56 | $2,245.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,729
Closing costs & prepaids$11,644
Usable credit−$0
Total buyer cash needed$40,373
Earnest money paid−$0
Remaining funds due$40,373
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,790.00
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)$334.75
Initial HOA (3 months)$714.00
Prepaid interest, first (9 days)$101.64
Prepaid interest, second (9 days)$228.82
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$21,543Through Dec 2026
Assumption only · ends Jan 2052$77,146
Assumption + second · ends Jan 2052, second Jan 2057$267,566
New conventional · ends Jan 2057$365,888