Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,467/mo
Lowest payment- Down payment
- $148,510
- Funds due
- $163,507
- Interest + MI left
- $261,893
- First ends
- Apr 2052
Assumption
Assumption + second
$4,183/mo
+$716/mo- Down payment
- $59,510
- Funds due
- $75,801
- Interest + MI left
- $430,694
- First ends
- Apr 2052
New loan
New conventional
$4,813/mo
+$1,346/mo- Down payment
- $59,510
- Funds due
- $72,253
- Interest + MI left
- $812,107
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $446,490 | $446,490 | $535,490 |
| Second mortgage | — | $89,000 | — |
| First P&I | $2,117.37 | $2,117.37 | $3,707.62 |
| Second P&I | — | $716.11 | — |
| Mortgage insurance | $351.23 | $351.23 | $107.10 |
| Taxes, insurance & HOA | $998.50 | $998.50 | $998.50 |
| Total housing payment | $3,467.10 | $4,183.22 | $4,813.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,510
Closing costs & prepaids$16,290
Usable credit−$0
Total buyer cash needed$75,801
Earnest money paid−$0
Remaining funds due$75,801
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,950.00
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)$1,487.50
Initial HOA (3 months)$1,008.00
Prepaid interest, first (2 days)$75.84
Prepaid interest, second (2 days)$43.89
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 5 moOf the original 30-year loan at 3.100%
Interest already paid$67,092Through Nov 2026
Assumption only · ends Apr 2052$261,893
Assumption + second · ends Apr 2052, second Dec 2056$430,694
New conventional · ends Dec 2056$812,107