Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,209/mo
Lowest payment- Down payment
- $83,292
- Funds due
- $94,646
- Interest + MI left
- $170,576
- First ends
- Mar 2052
Assumption
Assumption + second
$2,572/mo
+$362/mo- Down payment
- $38,292
- Funds due
- $50,918
- Interest + MI left
- $255,925
- First ends
- Mar 2052
New loan
New conventional
$2,992/mo
+$782/mo- Down payment
- $38,292
- Funds due
- $47,550
- Interest + MI left
- $510,573
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,708 | $291,708 | $336,708 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,386.35 | $1,386.35 | $2,331.30 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $229.97 | $229.97 | $67.34 |
| Taxes, insurance & HOA | $593.17 | $593.17 | $593.17 |
| Total housing payment | $2,209.49 | $2,571.57 | $2,991.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,292
Closing costs & prepaids$12,626
Usable credit−$0
Total buyer cash needed$50,918
Earnest money paid−$0
Remaining funds due$50,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$1,044.50
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$49.55
Prepaid interest, second (2 days)$22.19
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 4 moOf the original 30-year loan at 3.100%
Interest already paid$44,684Through Nov 2026
Assumption only · ends Mar 2052$170,576
Assumption + second · ends Mar 2052, second Dec 2056$255,925
New conventional · ends Dec 2056$510,573