Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,134/mo
Lowest payment- Down payment
- $95,889
- Funds due
- $106,976
- Interest + MI left
- $181,590
- First ends
- Feb 2052
Assumption
Assumption + second
$2,569/mo
+$434/mo- Down payment
- $41,889
- Funds due
- $54,239
- Interest + MI left
- $284,009
- First ends
- Feb 2052
New loan
New conventional
$3,017/mo
+$883/mo- Down payment
- $41,889
- Funds due
- $50,805
- Interest + MI left
- $558,191
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $314,111 | $314,111 | $368,111 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,491.13 | $1,491.13 | $2,548.73 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $248.29 | $248.29 | $73.62 |
| Taxes, insurance & HOA | $394.92 | $394.92 | $394.92 |
| Total housing payment | $2,134.34 | $2,568.84 | $3,017.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,889
Closing costs & prepaids$12,349
Usable credit−$0
Total buyer cash needed$54,239
Earnest money paid−$0
Remaining funds due$54,239
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$510.75
Initial HOA (3 months)$224.01
Prepaid interest, first (1 days)$26.42
Prepaid interest, second (1 days)$13.32
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 3 moOf the original 30-year loan at 3.070%
Interest already paid$48,572Through Nov 2026
Assumption only · ends Feb 2052$181,590
Assumption + second · ends Feb 2052, second Dec 2056$284,009
New conventional · ends Dec 2056$558,191