Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,392/mo
Lowest payment- Down payment
- $60,405
- Funds due
- $72,058
- Interest + MI left
- $170,280
- First ends
- Mar 2052
Assumption
Assumption + second
$2,593/mo
+$201/mo- Down payment
- $35,405
- Funds due
- $48,314
- Interest + MI left
- $217,696
- First ends
- Mar 2052
New loan
New conventional
$3,025/mo
+$634/mo- Down payment
- $35,405
- Funds due
- $44,943
- Interest + MI left
- $477,042
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,595 | $289,595 | $314,595 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,379.35 | $1,379.35 | $2,178.19 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $228.23 | $228.23 | $62.92 |
| Taxes, insurance & HOA | $784.33 | $784.33 | $784.33 |
| Total housing payment | $2,391.91 | $2,593.06 | $3,025.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,405
Closing costs & prepaids$12,909
Usable credit−$0
Total buyer cash needed$48,314
Earnest money paid−$0
Remaining funds due$48,314
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$1,798.00
Initial HOA (3 months)$105.00
Prepaid interest, first (1 days)$24.75
Prepaid interest, second (1 days)$6.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.120%
Interest already paid$44,639Through Nov 2026
Assumption only · ends Mar 2052$170,280
Assumption + second · ends Mar 2052, second Dec 2056$217,696
New conventional · ends Dec 2056$477,042