Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,134/mo
Lowest payment- Down payment
- $108,194
- Funds due
- $119,597
- Interest + MI left
- $164,975
- First ends
- Mar 2052
Assumption
Assumption + second
$2,681/mo
+$547/mo- Down payment
- $40,194
- Funds due
- $52,864
- Interest + MI left
- $293,946
- First ends
- Mar 2052
New loan
New conventional
$3,098/mo
+$964/mo- Down payment
- $40,194
- Funds due
- $49,444
- Interest + MI left
- $545,655
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,796 | $291,796 | $359,796 |
| Second mortgage | — | $68,000 | — |
| First P&I | $1,368.46 | $1,368.46 | $2,491.15 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $230.50 | $230.50 | $71.96 |
| Taxes, insurance & HOA | $534.75 | $534.75 | $534.75 |
| Total housing payment | $2,133.72 | $2,680.86 | $3,097.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,194
Closing costs & prepaids$12,670
Usable credit−$0
Total buyer cash needed$52,864
Earnest money paid−$0
Remaining funds due$52,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$779.25
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$23.82
Prepaid interest, second (1 days)$16.77
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 4 moOf the original 30-year loan at 2.980%
Interest already paid$43,013Through Nov 2026
Assumption only · ends Mar 2052$164,975
Assumption + second · ends Mar 2052, second Dec 2056$293,946
New conventional · ends Dec 2056$545,655