Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,184/mo
Lowest payment- Down payment
- $74,467
- Funds due
- $85,347
- Interest + MI left
- $193,975
- First ends
- Feb 2052
Assumption
Assumption + second
$2,449/mo
+$266/mo- Down payment
- $41,467
- Funds due
- $53,606
- Interest + MI left
- $256,564
- First ends
- Feb 2052
New loan
New conventional
$2,951/mo
+$767/mo- Down payment
- $41,467
- Funds due
- $50,180
- Interest + MI left
- $558,831
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,533 | $335,533 | $368,533 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,592.83 | $1,592.83 | $2,551.65 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $265.23 | $265.23 | $73.71 |
| Taxes, insurance & HOA | $325.92 | $325.92 | $325.92 |
| Total housing payment | $2,183.97 | $2,449.50 | $2,951.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,467
Closing costs & prepaids$12,139
Usable credit−$0
Total buyer cash needed$53,606
Earnest money paid−$0
Remaining funds due$53,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$347.75
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$28.22
Prepaid interest, second (1 days)$8.14
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 3.070%
Interest already paid$51,885Through Nov 2026
Assumption only · ends Feb 2052$193,975
Assumption + second · ends Feb 2052, second Dec 2056$256,564
New conventional · ends Dec 2056$558,831