Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,293/mo
Lowest payment- Down payment
- $103,294
- Funds due
- $114,774
- Interest + MI left
- $195,698
- First ends
- Feb 2052
Assumption
Assumption + second
$2,768/mo
+$475/mo- Down payment
- $44,294
- Funds due
- $57,038
- Interest + MI left
- $307,600
- First ends
- Feb 2052
New loan
New conventional
$3,241/mo
+$948/mo- Down payment
- $44,294
- Funds due
- $53,582
- Interest + MI left
- $598,598
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,706 | $335,706 | $394,706 |
| Second mortgage | — | $59,000 | — |
| First P&I | $1,598.92 | $1,598.92 | $2,732.86 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $265.23 | $265.23 | $78.94 |
| Taxes, insurance & HOA | $428.75 | $428.75 | $428.75 |
| Total housing payment | $2,292.90 | $2,767.63 | $3,240.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,294
Closing costs & prepaids$12,744
Usable credit−$0
Total buyer cash needed$57,038
Earnest money paid−$0
Remaining funds due$57,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$596.25
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$28.51
Prepaid interest, second (1 days)$14.55
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$52,404Through Nov 2026
Assumption only · ends Feb 2052$195,698
Assumption + second · ends Feb 2052, second Dec 2056$307,600
New conventional · ends Dec 2056$598,598