Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,064/mo
Lowest payment- Down payment
- $104,116
- Funds due
- $115,366
- Interest + MI left
- $172,427
- First ends
- Feb 2052
Assumption
Assumption + second
$2,579/mo
+$515/mo- Down payment
- $40,116
- Funds due
- $52,758
- Interest + MI left
- $293,812
- First ends
- Feb 2052
New loan
New conventional
$2,926/mo
+$862/mo- Down payment
- $40,116
- Funds due
- $49,575
- Interest + MI left
- $526,210
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $295,884 | $295,884 | $359,884 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,413.88 | $1,413.88 | $2,437.98 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $234.24 | $234.24 | $71.98 |
| Taxes, insurance & HOA | $416.00 | $416.00 | $416.00 |
| Total housing payment | $2,064.12 | $2,579.08 | $2,925.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,116
Closing costs & prepaids$12,642
Usable credit−$0
Total buyer cash needed$52,758
Earnest money paid−$0
Remaining funds due$52,758
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$226.90
Prepaid interest, second (9 days)$142.03
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 3.11%
Interest already paid$47,203Through Dec 2026
Assumption only · ends Feb 2052$172,427
Assumption + second · ends Feb 2052, second Jan 2057$293,812
New conventional · ends Jan 2057$526,210