Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,817/mo
Lowest payment- Down payment
- $192,764
- Funds due
- $211,235
- Interest + MI left
- $394,992
- First ends
- Jan 2052
Assumption
Assumption + second
$5,595/mo
+$778/mo- Down payment
- $86,764
- Funds due
- $106,508
- Interest + MI left
- $568,997
- First ends
- Jan 2052
New loan
New conventional
$6,606/mo
+$1,789/mo- Down payment
- $86,764
- Funds due
- $102,667
- Interest + MI left
- $1,180,247
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $672,236 | $672,236 | $778,236 |
| Second mortgage | — | $106,000 | — |
| First P&I | $3,222.87 | $3,222.87 | $5,388.35 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $531.90 | $531.90 | $155.65 |
| Taxes, insurance & HOA | $1,062.50 | $1,062.50 | $1,062.50 |
| Total housing payment | $4,817.27 | $5,595.06 | $6,606.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$86,764
Closing costs & prepaids$19,744
Usable credit−$0
Total buyer cash needed$106,508
Earnest money paid−$0
Remaining funds due$106,508
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,650.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$2,162.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$57.83
Prepaid interest, second (1 days)$23.23
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 2 moOf the original 30-year loan at 3.140%
Interest already paid$108,247Through Nov 2026
Assumption only · ends Jan 2052$394,992
Assumption + second · ends Jan 2052, second Dec 2056$568,997
New conventional · ends Dec 2056$1,180,247