Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,116/mo
Lowest payment- Down payment
- $76,844
- Funds due
- $87,746
- Interest + MI left
- $175,190
- First ends
- Jan 2052
Assumption
Assumption + second
$2,429/mo
+$314/mo- Down payment
- $37,844
- Funds due
- $50,006
- Interest + MI left
- $249,159
- First ends
- Jan 2052
New loan
New conventional
$2,852/mo
+$736/mo- Down payment
- $37,844
- Funds due
- $46,610
- Interest + MI left
- $511,320
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,156 | $298,156 | $337,156 |
| Second mortgage | — | $39,000 | — |
| First P&I | $1,429.43 | $1,429.43 | $2,334.40 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $235.91 | $235.91 | $67.43 |
| Taxes, insurance & HOA | $450.33 | $450.33 | $450.33 |
| Total housing payment | $2,115.68 | $2,429.48 | $2,852.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,844
Closing costs & prepaids$12,161
Usable credit−$0
Total buyer cash needed$50,006
Earnest money paid−$0
Remaining funds due$50,006
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$721.00
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$25.65
Prepaid interest, second (1 days)$9.62
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 3.140%
Interest already paid$48,011Through Nov 2026
Assumption only · ends Jan 2052$175,190
Assumption + second · ends Jan 2052, second Dec 2056$249,159
New conventional · ends Dec 2056$511,320