Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,386/mo
Lowest payment- Down payment
- $193,428
- Funds due
- $204,052
- Interest + MI left
- $111,676
- First ends
- Feb 2052
Assumption
Assumption + second
$2,516/mo
+$1,130/mo- Down payment
- $39,428
- Funds due
- $51,370
- Interest + MI left
- $364,475
- First ends
- Feb 2052
New loan
New conventional
$2,784/mo
+$1,398/mo- Down payment
- $39,428
- Funds due
- $47,966
- Interest + MI left
- $524,013
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,571 | $191,571 | $345,571 |
| Second mortgage | — | $154,000 | — |
| First P&I | $912.43 | $912.43 | $2,392.66 |
| Second P&I | — | $1,130.00 | — |
| Mortgage insurance | $151.35 | $151.35 | $69.11 |
| Taxes, insurance & HOA | $322.33 | $322.33 | $322.33 |
| Total housing payment | $1,386.11 | $2,516.11 | $2,784.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,428
Closing costs & prepaids$11,942
Usable credit−$0
Total buyer cash needed$51,370
Earnest money paid−$0
Remaining funds due$51,370
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,849.99
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)$376.00
Initial HOA (3 months)$141.00
Prepaid interest, first (2 days)$32.54
Prepaid interest, second (2 days)$67.51
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 3.100%
Interest already paid$29,905Through Nov 2026
Assumption only · ends Feb 2052$111,676
Assumption + second · ends Feb 2052, second Dec 2056$364,475
New conventional · ends Dec 2056$524,013