Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,186/mo
Lowest payment- Down payment
- $62,090
- Funds due
- $73,188
- Interest + MI left
- $164,951
- First ends
- Jan 2052
Assumption
Assumption + second
$2,404/mo
+$217/mo- Down payment
- $35,090
- Funds due
- $47,451
- Interest + MI left
- $216,160
- First ends
- Jan 2052
New loan
New conventional
$2,835/mo
+$648/mo- Down payment
- $35,090
- Funds due
- $44,116
- Interest + MI left
- $477,431
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,810 | $287,810 | $314,810 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,366.26 | $1,366.26 | $2,179.68 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $228.08 | $228.08 | $62.96 |
| Taxes, insurance & HOA | $591.91 | $591.91 | $591.91 |
| Total housing payment | $2,186.26 | $2,403.51 | $2,834.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,090
Closing costs & prepaids$12,361
Usable credit−$0
Total buyer cash needed$47,451
Earnest money paid−$0
Remaining funds due$47,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,499.00
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)$1,201.75
Initial HOA (3 months)$123.99
Prepaid interest, first (2 days)$48.10
Prepaid interest, second (2 days)$13.32
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 3.050%
Interest already paid$45,053Through Nov 2026
Assumption only · ends Jan 2052$164,951
Assumption + second · ends Jan 2052, second Dec 2056$216,160
New conventional · ends Dec 2056$477,431