Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,228/mo
Lowest payment- Down payment
- $64,201
- Funds due
- $75,328
- Interest + MI left
- $192,955
- First ends
- Feb 2052
Assumption
Assumption + second
$2,676/mo
+$448/mo- Down payment
- $20,201
- Funds due
- $32,707
- Interest + MI left
- $310,364
- First ends
- Feb 2052
New loan
New conventional
$3,011/mo
+$784/mo- Down payment
- $20,201
- Funds due
- $29,743
- Interest + MI left
- $555,912
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,799 | $334,799 | $378,799 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,592.83 | $1,592.83 | $2,566.12 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $265.23 | $265.23 | $75.76 |
| Taxes, insurance & HOA | $369.58 | $369.58 | $369.58 |
| Total housing payment | $2,227.64 | $2,676.00 | $3,011.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,201
Closing costs & prepaids$12,506
Usable credit−$0
Total buyer cash needed$32,707
Earnest money paid−$0
Remaining funds due$32,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$180.00
Prepaid interest, first (9 days)$253.44
Prepaid interest, second (9 days)$128.84
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.07%
Interest already paid$52,743Through Dec 2026
Assumption only · ends Feb 2052$192,955
Assumption + second · ends Feb 2052, second Jan 2057$310,364
New conventional · ends Jan 2057$555,912