Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,253/mo
Lowest payment- Down payment
- $56,491
- Funds due
- $67,453
- Interest + MI left
- $192,033
- First ends
- Feb 2052
Assumption
Assumption + second
$2,630/mo
+$377/mo- Down payment
- $19,491
- Funds due
- $31,727
- Interest + MI left
- $290,764
- First ends
- Feb 2052
New loan
New conventional
$3,031/mo
+$778/mo- Down payment
- $19,491
- Funds due
- $28,550
- Interest + MI left
- $556,220
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,509 | $328,509 | $365,509 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,566.37 | $1,566.37 | $2,530.71 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $259.50 | $259.50 | $73.10 |
| Taxes, insurance & HOA | $426.83 | $426.83 | $426.83 |
| Total housing payment | $2,252.70 | $2,629.73 | $3,030.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,491
Closing costs & prepaids$12,236
Usable credit−$0
Total buyer cash needed$31,727
Earnest money paid−$0
Remaining funds due$31,727
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$545.50
Initial HOA (3 months)$285.00
Prepaid interest, first (2 days)$55.98
Prepaid interest, second (2 days)$24.08
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 3 moOf the original 30-year loan at 3.110%
Interest already paid$51,442Through Nov 2026
Assumption only · ends Feb 2052$192,033
Assumption + second · ends Feb 2052, second Dec 2056$290,764
New conventional · ends Dec 2056$556,220