Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,560/mo
Lowest payment- Down payment
- $51,737
- Funds due
- $61,230
- Interest + MI left
- $131,555
- First ends
- Jan 2052
Assumption
Assumption + second
$1,937/mo
+$377/mo- Down payment
- $14,737
- Funds due
- $25,504
- Interest + MI left
- $230,286
- First ends
- Jan 2052
New loan
New conventional
$2,183/mo
+$623/mo- Down payment
- $14,737
- Funds due
- $22,352
- Interest + MI left
- $403,669
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,263 | $228,263 | $265,263 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,085.97 | $1,085.97 | $1,836.63 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $180.83 | $180.83 | $53.05 |
| Taxes, insurance & HOA | $293.33 | $293.33 | $293.33 |
| Total housing payment | $1,560.14 | $1,937.17 | $2,183.01 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,737
Closing costs & prepaids$10,767
Usable credit−$0
Total buyer cash needed$25,504
Earnest money paid−$0
Remaining funds due$25,504
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$211.00
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$38.40
Prepaid interest, second (2 days)$24.08
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$35,960Through Nov 2026
Assumption only · ends Jan 2052$131,555
Assumption + second · ends Jan 2052, second Dec 2056$230,286
New conventional · ends Dec 2056$403,669