Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,084/mo
Lowest payment- Down payment
- $126,943
- Funds due
- $138,275
- Interest + MI left
- $172,736
- First ends
- Jan 2052
Assumption
Assumption + second
$2,760/mo
+$676/mo- Down payment
- $42,943
- Funds due
- $55,546
- Interest + MI left
- $332,053
- First ends
- Jan 2052
New loan
New conventional
$3,149/mo
+$1,065/mo- Down payment
- $42,943
- Funds due
- $52,098
- Interest + MI left
- $579,339
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,057 | $298,057 | $382,057 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,421.14 | $1,421.14 | $2,645.29 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $236.04 | $236.04 | $76.41 |
| Taxes, insurance & HOA | $427.17 | $427.17 | $427.17 |
| Total housing payment | $2,084.35 | $2,760.23 | $3,148.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,943
Closing costs & prepaids$12,602
Usable credit−$0
Total buyer cash needed$55,546
Earnest money paid−$0
Remaining funds due$55,546
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$555.50
Initial HOA (3 months)$276.00
Prepaid interest, first (1 days)$25.23
Prepaid interest, second (1 days)$20.71
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 3.090%
Interest already paid$47,252Through Nov 2026
Assumption only · ends Jan 2052$172,736
Assumption + second · ends Jan 2052, second Dec 2056$332,053
New conventional · ends Dec 2056$579,339