Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,399/mo
Lowest payment- Down payment
- $79,467
- Funds due
- $91,072
- Interest + MI left
- $193,975
- First ends
- Feb 2052
Assumption
Assumption + second
$2,697/mo
+$298/mo- Down payment
- $42,467
- Funds due
- $55,340
- Interest + MI left
- $264,151
- First ends
- Feb 2052
New loan
New conventional
$3,195/mo
+$796/mo- Down payment
- $42,467
- Funds due
- $51,943
- Interest + MI left
- $564,897
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,533 | $335,533 | $372,533 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,592.83 | $1,592.83 | $2,579.34 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $265.23 | $265.23 | $74.51 |
| Taxes, insurance & HOA | $541.42 | $541.42 | $541.42 |
| Total housing payment | $2,399.47 | $2,697.18 | $3,195.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,467
Closing costs & prepaids$12,874
Usable credit−$0
Total buyer cash needed$55,340
Earnest money paid−$0
Remaining funds due$55,340
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$805.25
Initial HOA (3 months)$369.00
Prepaid interest, first (2 days)$56.44
Prepaid interest, second (2 days)$18.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 3 moOf the original 30-year loan at 3.070%
Interest already paid$51,885Through Nov 2026
Assumption only · ends Feb 2052$193,975
Assumption + second · ends Feb 2052, second Dec 2056$264,151
New conventional · ends Dec 2056$564,897