Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,818/mo
Lowest payment- Down payment
- $113,386
- Funds due
- $124,334
- Interest + MI left
- $123,759
- First ends
- Jan 2052
Assumption
Assumption + second
$2,462/mo
+$644/mo- Down payment
- $33,386
- Funds due
- $45,604
- Interest + MI left
- $275,491
- First ends
- Jan 2052
New loan
New conventional
$2,743/mo
+$925/mo- Down payment
- $33,386
- Funds due
- $42,243
- Interest + MI left
- $454,385
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,614 | $219,614 | $299,614 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,035.66 | $1,035.66 | $2,074.47 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $174.22 | $174.22 | $59.92 |
| Taxes, insurance & HOA | $608.42 | $608.42 | $608.42 |
| Total housing payment | $1,818.30 | $2,462.00 | $2,742.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,386
Closing costs & prepaids$12,218
Usable credit−$0
Total buyer cash needed$45,604
Earnest money paid−$0
Remaining funds due$45,604
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,330.00
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)$265.25
Initial HOA (3 months)$1,110.00
Prepaid interest, first (1 days)$17.99
Prepaid interest, second (1 days)$19.73
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 2.990%
Interest already paid$33,720Through Nov 2026
Assumption only · ends Jan 2052$123,759
Assumption + second · ends Jan 2052, second Dec 2056$275,491
New conventional · ends Dec 2056$454,385