Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $137,628
- Funds due
- $150,272
- Interest + MI left
- $162,163
- First ends
- Jan 2052
Assumption
Assumption + second
$3,203/mo
+$764/mo- Down payment
- $42,628
- Funds due
- $56,569
- Interest + MI left
- $342,344
- First ends
- Jan 2052
New loan
New conventional
$3,558/mo
+$1,120/mo- Down payment
- $42,628
- Funds due
- $53,151
- Interest + MI left
- $570,718
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,372 | $281,372 | $376,372 |
| Second mortgage | — | $95,000 | — |
| First P&I | $1,338.64 | $1,338.64 | $2,605.92 |
| Second P&I | — | $764.39 | — |
| Mortgage insurance | $222.90 | $222.90 | $75.27 |
| Taxes, insurance & HOA | $877.17 | $877.17 | $877.17 |
| Total housing payment | $2,438.71 | $3,203.10 | $3,558.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,628
Closing costs & prepaids$13,941
Usable credit−$0
Total buyer cash needed$56,569
Earnest money paid−$0
Remaining funds due$56,569
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$1,887.50
Initial HOA (3 months)$294.00
Prepaid interest, first (2 days)$47.33
Prepaid interest, second (2 days)$46.85
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$44,326Through Nov 2026
Assumption only · ends Jan 2052$162,163
Assumption + second · ends Jan 2052, second Dec 2056$342,344
New conventional · ends Dec 2056$570,718