Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,414/mo
Lowest payment- Down payment
- $51,465
- Funds due
- $62,539
- Interest + MI left
- $220,665
- First ends
- Feb 2052
Assumption
Assumption + second
$2,709/mo
+$296/mo- Down payment
- $22,465
- Funds due
- $34,808
- Interest + MI left
- $298,049
- First ends
- Feb 2052
New loan
New conventional
$3,215/mo
+$801/mo- Down payment
- $22,465
- Funds due
- $31,616
- Interest + MI left
- $620,173
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,535 | $378,535 | $407,535 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,802.91 | $1,802.91 | $2,821.69 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $299.07 | $299.07 | $81.51 |
| Taxes, insurance & HOA | $311.67 | $311.67 | $311.67 |
| Total housing payment | $2,413.64 | $2,709.15 | $3,214.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,465
Closing costs & prepaids$12,343
Usable credit−$0
Total buyer cash needed$34,808
Earnest money paid−$0
Remaining funds due$34,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$290.00
Initial HOA (3 months)$195.00
Prepaid interest, first (2 days)$64.30
Prepaid interest, second (2 days)$18.87
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 3.100%
Interest already paid$59,090Through Nov 2026
Assumption only · ends Feb 2052$220,665
Assumption + second · ends Feb 2052, second Dec 2056$298,049
New conventional · ends Dec 2056$620,173