Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,283/mo
Lowest payment- Down payment
- $161,118
- Funds due
- $173,427
- Interest + MI left
- $186,663
- First ends
- Jan 2052
Assumption
Assumption + second
$3,105/mo
+$822/mo- Down payment
- $49,118
- Funds due
- $62,701
- Interest + MI left
- $370,516
- First ends
- Jan 2052
New loan
New conventional
$3,590/mo
+$1,308/mo- Down payment
- $49,118
- Funds due
- $59,196
- Interest + MI left
- $660,957
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,882 | $323,882 | $435,882 |
| Second mortgage | — | $112,000 | — |
| First P&I | $1,540.89 | $1,540.89 | $3,017.96 |
| Second P&I | — | $821.82 | — |
| Mortgage insurance | $256.58 | $256.58 | $87.18 |
| Taxes, insurance & HOA | $485.33 | $485.33 | $485.33 |
| Total housing payment | $2,282.80 | $3,104.61 | $3,590.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,118
Closing costs & prepaids$13,583
Usable credit−$0
Total buyer cash needed$62,701
Earnest money paid−$0
Remaining funds due$62,701
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$560.00
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$27.24
Prepaid interest, second (1 days)$24.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.070%
Interest already paid$51,023Through Nov 2026
Assumption only · ends Jan 2052$186,663
Assumption + second · ends Jan 2052, second Dec 2056$370,516
New conventional · ends Dec 2056$660,957