Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,628/mo
Lowest payment- Down payment
- $94,293
- Funds due
- $104,878
- Interest + MI left
- $89,239
- First ends
- Jan 2052
Assumption
Assumption + second
$2,184/mo
+$555/mo- Down payment
- $25,293
- Funds due
- $37,146
- Interest + MI left
- $220,108
- First ends
- Jan 2052
New loan
New conventional
$2,367/mo
+$738/mo- Down payment
- $25,293
- Funds due
- $33,858
- Interest + MI left
- $340,738
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $155,707 | $155,707 | $224,707 |
| Second mortgage | — | $69,000 | — |
| First P&I | $739.16 | $739.16 | $1,555.83 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $123.39 | $123.39 | $44.94 |
| Taxes, insurance & HOA | $765.83 | $765.83 | $765.83 |
| Total housing payment | $1,628.38 | $2,183.57 | $2,366.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,293
Closing costs & prepaids$11,853
Usable credit−$0
Total buyer cash needed$37,146
Earnest money paid−$0
Remaining funds due$37,146
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$842.50
Initial HOA (3 months)$1,005.00
Prepaid interest, first (1 days)$13.01
Prepaid interest, second (1 days)$17.01
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 3.050%
Interest already paid$24,374Through Nov 2026
Assumption only · ends Jan 2052$89,239
Assumption + second · ends Jan 2052, second Dec 2056$220,108
New conventional · ends Dec 2056$340,738