Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,248/mo
Lowest payment- Down payment
- $126,817
- Funds due
- $138,530
- Interest + MI left
- $182,508
- First ends
- Jan 2052
Assumption
Assumption + second
$2,908/mo
+$660/mo- Down payment
- $44,817
- Funds due
- $57,800
- Interest + MI left
- $338,033
- First ends
- Jan 2052
New loan
New conventional
$3,319/mo
+$1,071/mo- Down payment
- $44,817
- Funds due
- $54,334
- Interest + MI left
- $599,243
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $313,183 | $313,183 | $395,183 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,496.54 | $1,496.54 | $2,736.17 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $247.93 | $247.93 | $79.04 |
| Taxes, insurance & HOA | $503.50 | $503.50 | $503.50 |
| Total housing payment | $2,247.98 | $2,907.77 | $3,318.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,817
Closing costs & prepaids$12,982
Usable credit−$0
Total buyer cash needed$57,800
Earnest money paid−$0
Remaining funds due$57,800
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$430.50
Initial HOA (3 months)$630.00
Prepaid interest, first (1 days)$26.68
Prepaid interest, second (1 days)$20.22
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 3.110%
Interest already paid$49,962Through Nov 2026
Assumption only · ends Jan 2052$182,508
Assumption + second · ends Jan 2052, second Dec 2056$338,033
New conventional · ends Dec 2056$599,243