Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,202/mo
Lowest payment- Down payment
- $123,916
- Funds due
- $135,674
- Interest + MI left
- $182,528
- First ends
- Feb 2052
Assumption
Assumption + second
$2,846/mo
+$644/mo- Down payment
- $43,916
- Funds due
- $57,102
- Interest + MI left
- $334,259
- First ends
- Feb 2052
New loan
New conventional
$3,203/mo
+$1,001/mo- Down payment
- $43,916
- Funds due
- $53,892
- Interest + MI left
- $576,216
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,084 | $314,084 | $394,084 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,499.20 | $1,499.20 | $2,669.66 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $248.69 | $248.69 | $78.82 |
| Taxes, insurance & HOA | $454.17 | $454.17 | $454.17 |
| Total housing payment | $2,202.06 | $2,845.76 | $3,202.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,916
Closing costs & prepaids$13,185
Usable credit−$0
Total buyer cash needed$57,102
Earnest money paid−$0
Remaining funds due$57,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,380.00
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)$525.50
Initial HOA (3 months)$387.00
Prepaid interest, first (9 days)$240.08
Prepaid interest, second (9 days)$177.53
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$49,949Through Dec 2026
Assumption only · ends Feb 2052$182,528
Assumption + second · ends Feb 2052, second Jan 2057$334,259
New conventional · ends Jan 2057$576,216