Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,220/mo
Lowest payment- Down payment
- $285,991
- Funds due
- $302,326
- Interest + MI left
- $246,201
- First ends
- Jan 2052
Assumption
Assumption + second
$4,760/mo
+$1,540/mo- Down payment
- $70,991
- Funds due
- $88,667
- Interest + MI left
- $585,704
- First ends
- Jan 2052
New loan
New conventional
$5,396/mo
+$2,176/mo- Down payment
- $70,991
- Funds due
- $85,001
- Interest + MI left
- $961,517
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,009 | $419,009 | $634,009 |
| Second mortgage | — | $215,000 | — |
| First P&I | $2,008.83 | $2,008.83 | $4,389.75 |
| Second P&I | — | $1,540.29 | — |
| Mortgage insurance | $331.54 | $331.54 | $126.80 |
| Taxes, insurance & HOA | $879.17 | $879.17 | $879.17 |
| Total housing payment | $3,219.54 | $4,759.82 | $5,395.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,991
Closing costs & prepaids$17,676
Usable credit−$0
Total buyer cash needed$88,667
Earnest money paid−$0
Remaining funds due$88,667
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,050.00
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)$1,762.50
Initial HOA (3 months)$225.00
Prepaid interest, first (2 days)$72.09
Prepaid interest, second (2 days)$91.30
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 3.140%
Interest already paid$67,471Through Nov 2026
Assumption only · ends Jan 2052$246,201
Assumption + second · ends Jan 2052, second Dec 2056$585,704
New conventional · ends Dec 2056$961,517