Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,826/mo
Lowest payment- Down payment
- $139,634
- Funds due
- $155,132
- Interest + MI left
- $295,061
- First ends
- Jan 2052
Assumption
Assumption + second
$4,398/mo
+$571/mo- Down payment
- $68,634
- Funds due
- $85,417
- Interest + MI left
- $429,723
- First ends
- Jan 2052
New loan
New conventional
$5,235/mo
+$1,408/mo- Down payment
- $68,634
- Funds due
- $81,809
- Interest + MI left
- $927,178
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $540,366 | $540,366 | $611,366 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,517.44 | $2,517.44 | $4,232.97 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $429.52 | $429.52 | $122.27 |
| Taxes, insurance & HOA | $879.50 | $879.50 | $879.50 |
| Total housing payment | $3,826.46 | $4,397.74 | $5,234.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,634
Closing costs & prepaids$16,784
Usable credit−$0
Total buyer cash needed$85,417
Earnest money paid−$0
Remaining funds due$85,417
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,800.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$2,003.50
Initial HOA (3 months)$135.00
Prepaid interest, first (2 days)$85.27
Prepaid interest, second (2 days)$35.01
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 2 moOf the original 30-year loan at 2.880%
Interest already paid$79,999Through Nov 2026
Assumption only · ends Jan 2052$295,061
Assumption + second · ends Jan 2052, second Dec 2056$429,723
New conventional · ends Dec 2056$927,178