Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,485/mo
Lowest payment- Down payment
- $79,758
- Funds due
- $89,830
- Interest + MI left
- $84,668
- First ends
- Feb 2052
Assumption
Assumption + second
$1,943/mo
+$459/mo- Down payment
- $22,758
- Funds due
- $34,095
- Interest + MI left
- $192,777
- First ends
- Feb 2052
New loan
New conventional
$2,119/mo
+$634/mo- Down payment
- $22,758
- Funds due
- $30,831
- Interest + MI left
- $306,673
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,242 | $145,242 | $202,242 |
| Second mortgage | — | $57,000 | — |
| First P&I | $691.77 | $691.77 | $1,400.28 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $114.75 | $114.75 | $40.45 |
| Taxes, insurance & HOA | $678.33 | $678.33 | $678.33 |
| Total housing payment | $1,484.85 | $1,943.48 | $2,119.06 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,758
Closing costs & prepaids$11,336
Usable credit−$0
Total buyer cash needed$34,095
Earnest money paid−$0
Remaining funds due$34,095
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,250.00
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)$745.00
Initial HOA (3 months)$840.00
Prepaid interest, first (1 days)$12.34
Prepaid interest, second (1 days)$14.05
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 3 moOf the original 30-year loan at 3.100%
Interest already paid$22,673Through Nov 2026
Assumption only · ends Feb 2052$84,668
Assumption + second · ends Feb 2052, second Dec 2056$192,777
New conventional · ends Dec 2056$306,673