Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,065/mo
Lowest payment- Down payment
- $81,830
- Funds due
- $92,610
- Interest + MI left
- $176,047
- First ends
- Jan 2052
Assumption
Assumption + second
$2,403/mo
+$338/mo- Down payment
- $39,830
- Funds due
- $51,871
- Interest + MI left
- $255,706
- First ends
- Jan 2052
New loan
New conventional
$2,851/mo
+$786/mo- Down payment
- $39,830
- Funds due
- $48,457
- Interest + MI left
- $529,470
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,170 | $307,170 | $349,170 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,458.17 | $1,458.17 | $2,417.58 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $243.43 | $243.43 | $69.83 |
| Taxes, insurance & HOA | $363.25 | $363.25 | $363.25 |
| Total housing payment | $2,064.84 | $2,402.79 | $2,850.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,830
Closing costs & prepaids$12,041
Usable credit−$0
Total buyer cash needed$51,871
Earnest money paid−$0
Remaining funds due$51,871
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$402.75
Initial HOA (3 months)$237.00
Prepaid interest, first (1 days)$25.67
Prepaid interest, second (1 days)$10.36
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$48,084Through Nov 2026
Assumption only · ends Jan 2052$176,047
Assumption + second · ends Jan 2052, second Dec 2056$255,706
New conventional · ends Dec 2056$529,470