Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,242/mo
Lowest payment- Down payment
- $125,026
- Funds due
- $139,140
- Interest + MI left
- $252,102
- First ends
- Jan 2052
Assumption
Assumption + second
$3,789/mo
+$547/mo- Down payment
- $57,026
- Funds due
- $72,423
- Interest + MI left
- $381,074
- First ends
- Jan 2052
New loan
New conventional
$4,423/mo
+$1,181/mo- Down payment
- $57,026
- Funds due
- $68,902
- Interest + MI left
- $770,225
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,874 | $439,874 | $507,874 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,088.13 | $2,088.13 | $3,516.42 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $348.59 | $348.59 | $101.57 |
| Taxes, insurance & HOA | $805.42 | $805.42 | $805.42 |
| Total housing payment | $3,242.13 | $3,789.28 | $4,423.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,026
Closing costs & prepaids$15,397
Usable credit−$0
Total buyer cash needed$72,423
Earnest money paid−$0
Remaining funds due$72,423
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,649.00
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)$1,541.25
Initial HOA (3 months)$375.00
Prepaid interest, first (2 days)$73.51
Prepaid interest, second (2 days)$33.53
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 3.050%
Interest already paid$68,857Through Nov 2026
Assumption only · ends Jan 2052$252,102
Assumption + second · ends Jan 2052, second Dec 2056$381,074
New conventional · ends Dec 2056$770,225