Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $41,335
- Funds due
- $50,683
- Interest + MI left
- $136,109
- First ends
- Jan 2052
Assumption
Assumption + second
$1,845/mo
+$275/mo- Down payment
- $14,335
- Funds due
- $24,942
- Interest + MI left
- $208,156
- First ends
- Jan 2052
New loan
New conventional
$2,134/mo
+$564/mo- Down payment
- $14,335
- Funds due
- $21,773
- Interest + MI left
- $400,476
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,165 | $236,165 | $263,165 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,123.57 | $1,123.57 | $1,822.10 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $187.09 | $187.09 | $52.63 |
| Taxes, insurance & HOA | $259.17 | $259.17 | $259.17 |
| Total housing payment | $1,569.82 | $1,844.95 | $2,133.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,335
Closing costs & prepaids$10,606
Usable credit−$0
Total buyer cash needed$24,942
Earnest money paid−$0
Remaining funds due$24,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,775.00
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)$252.50
Initial HOA (3 months)$75.00
Prepaid interest, first (1 days)$19.86
Prepaid interest, second (1 days)$8.78
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$37,204Through Nov 2026
Assumption only · ends Jan 2052$136,109
Assumption + second · ends Jan 2052, second Dec 2056$208,156
New conventional · ends Dec 2056$400,476