Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,077/mo
Lowest payment- Down payment
- $172,988
- Funds due
- $185,179
- Interest + MI left
- $157,685
- First ends
- Apr 2052
Assumption
Assumption + second
$3,002/mo
+$925/mo- Down payment
- $46,988
- Funds due
- $60,484
- Interest + MI left
- $364,520
- First ends
- Apr 2052
New loan
New conventional
$3,466/mo
+$1,389/mo- Down payment
- $46,988
- Funds due
- $57,032
- Interest + MI left
- $626,278
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,012 | $287,012 | $413,012 |
| Second mortgage | — | $126,000 | — |
| First P&I | $1,326.68 | $1,326.68 | $2,859.61 |
| Second P&I | — | $924.54 | — |
| Mortgage insurance | $226.65 | $226.65 | $82.60 |
| Taxes, insurance & HOA | $523.67 | $523.67 | $523.67 |
| Total housing payment | $2,076.99 | $3,001.54 | $3,465.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,988
Closing costs & prepaids$13,496
Usable credit−$0
Total buyer cash needed$60,484
Earnest money paid−$0
Remaining funds due$60,484
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$942.00
Initial HOA (3 months)$129.00
Prepaid interest, first (2 days)$45.14
Prepaid interest, second (2 days)$55.23
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 5 moOf the original 30-year loan at 2.870%
Interest already paid$40,009Through Nov 2026
Assumption only · ends Apr 2052$157,685
Assumption + second · ends Apr 2052, second Dec 2056$364,520
New conventional · ends Dec 2056$626,278