Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,995/mo
Lowest payment- Down payment
- $48,303
- Funds due
- $58,822
- Interest + MI left
- $151,910
- First ends
- Jan 2052
Assumption
Assumption + second
$2,321/mo
+$326/mo- Down payment
- $16,303
- Funds due
- $28,093
- Interest + MI left
- $237,299
- First ends
- Jan 2052
New loan
New conventional
$2,682/mo
+$687/mo- Down payment
- $16,303
- Funds due
- $24,940
- Interest + MI left
- $469,675
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $276,597 | $276,597 | $308,597 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,291.46 | $1,291.46 | $2,136.66 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $219.78 | $219.78 | $61.72 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $1,994.91 | $2,320.99 | $2,682.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,303
Closing costs & prepaids$11,790
Usable credit−$0
Total buyer cash needed$28,093
Earnest money paid−$0
Remaining funds due$28,093
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$941.00
Initial HOA (3 months)$60.00
Prepaid interest, first (2 days)$43.95
Prepaid interest, second (2 days)$20.82
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 2.900%
Interest already paid$41,226Through Nov 2026
Assumption only · ends Jan 2052$151,910
Assumption + second · ends Jan 2052, second Dec 2056$237,299
New conventional · ends Dec 2056$469,675