Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,849/mo
Lowest payment- Down payment
- $50,480
- Funds due
- $60,879
- Interest + MI left
- $127,220
- First ends
- Jan 2052
Assumption
Assumption + second
$2,216/mo
+$367/mo- Down payment
- $14,480
- Funds due
- $26,152
- Interest + MI left
- $223,283
- First ends
- Jan 2052
New loan
New conventional
$2,449/mo
+$600/mo- Down payment
- $14,480
- Funds due
- $23,000
- Interest + MI left
- $388,791
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,520 | $219,520 | $255,520 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,046.68 | $1,046.68 | $1,769.17 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $173.84 | $173.84 | $51.10 |
| Taxes, insurance & HOA | $628.83 | $628.83 | $628.83 |
| Total housing payment | $1,849.35 | $2,216.19 | $2,449.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,480
Closing costs & prepaids$11,672
Usable credit−$0
Total buyer cash needed$26,152
Earnest money paid−$0
Remaining funds due$26,152
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$674.50
Initial HOA (3 months)$762.00
Prepaid interest, first (2 days)$37.17
Prepaid interest, second (2 days)$23.42
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 3.090%
Interest already paid$34,801Through Nov 2026
Assumption only · ends Jan 2052$127,220
Assumption + second · ends Jan 2052, second Dec 2056$223,283
New conventional · ends Dec 2056$388,791