Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,011/mo
Lowest payment- Down payment
- $281,128
- Funds due
- $301,339
- Interest + MI left
- $373,116
- First ends
- Jan 2052
Assumption
Assumption + second
$6,383/mo
+$1,372/mo- Down payment
- $94,128
- Funds due
- $115,671
- Interest + MI left
- $680,086
- First ends
- Jan 2052
New loan
New conventional
$7,400/mo
+$2,389/mo- Down payment
- $94,128
- Funds due
- $111,832
- Interest + MI left
- $1,282,064
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $658,372 | $658,372 | $845,372 |
| Second mortgage | — | $187,000 | — |
| First P&I | $3,111.62 | $3,111.62 | $5,853.18 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $522.11 | $522.11 | $169.07 |
| Taxes, insurance & HOA | $1,377.58 | $1,377.58 | $1,377.58 |
| Total housing payment | $5,011.32 | $6,383.46 | $7,399.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$94,128
Closing costs & prepaids$21,543
Usable credit−$0
Total buyer cash needed$115,671
Earnest money paid−$0
Remaining funds due$115,671
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,395.00
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)$2,348.75
Initial HOA (3 months)$1,134.00
Prepaid interest, first (2 days)$108.59
Prepaid interest, second (2 days)$81.97
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 3.010%
Interest already paid$101,746Through Nov 2026
Assumption only · ends Jan 2052$373,116
Assumption + second · ends Jan 2052, second Dec 2056$680,086
New conventional · ends Dec 2056$1,282,064