Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $53,253
- Funds due
- $63,333
- Interest + MI left
- $155,745
- First ends
- Jan 2052
Assumption
Assumption + second
$2,227/mo
+$377/mo- Down payment
- $16,253
- Funds due
- $27,595
- Interest + MI left
- $254,476
- First ends
- Jan 2052
New loan
New conventional
$2,544/mo
+$694/mo- Down payment
- $16,253
- Funds due
- $24,411
- Interest + MI left
- $469,903
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,747 | $271,747 | $308,747 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,290.01 | $1,290.01 | $2,137.70 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $215.35 | $215.35 | $61.75 |
| Taxes, insurance & HOA | $344.17 | $344.17 | $344.17 |
| Total housing payment | $1,849.53 | $2,226.56 | $2,543.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,253
Closing costs & prepaids$11,342
Usable credit−$0
Total buyer cash needed$27,595
Earnest money paid−$0
Remaining funds due$27,595
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$453.50
Initial HOA (3 months)$129.00
Prepaid interest, first (1 days)$22.71
Prepaid interest, second (1 days)$12.04
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 3.050%
Interest already paid$42,539Through Nov 2026
Assumption only · ends Jan 2052$155,745
Assumption + second · ends Jan 2052, second Dec 2056$254,476
New conventional · ends Dec 2056$469,903