Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,560/mo
Lowest payment- Down payment
- $115,341
- Funds due
- $130,015
- Interest + MI left
- $278,747
- First ends
- Jan 2052
Assumption
Assumption + second
$4,002/mo
+$443/mo- Down payment
- $60,341
- Funds due
- $76,292
- Interest + MI left
- $383,062
- First ends
- Jan 2052
New loan
New conventional
$4,713/mo
+$1,153/mo- Down payment
- $60,341
- Funds due
- $72,748
- Interest + MI left
- $816,913
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $483,659 | $483,659 | $538,659 |
| Second mortgage | — | $55,000 | — |
| First P&I | $2,301.03 | $2,301.03 | $3,729.57 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $383.16 | $383.16 | $107.73 |
| Taxes, insurance & HOA | $875.67 | $875.67 | $875.67 |
| Total housing payment | $3,559.86 | $4,002.40 | $4,712.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,341
Closing costs & prepaids$15,950
Usable credit−$0
Total buyer cash needed$76,292
Earnest money paid−$0
Remaining funds due$76,292
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$1,752.00
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$81.36
Prepaid interest, second (2 days)$27.12
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 3.070%
Interest already paid$76,194Through Nov 2026
Assumption only · ends Jan 2052$278,747
Assumption + second · ends Jan 2052, second Dec 2056$383,062
New conventional · ends Dec 2056$816,913