Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $107,105
- Funds due
- $118,658
- Interest + MI left
- $196,974
- First ends
- Feb 2052
Assumption
Assumption + second
$2,799/mo
+$499/mo- Down payment
- $45,105
- Funds due
- $57,939
- Interest + MI left
- $314,566
- First ends
- Feb 2052
New loan
New conventional
$3,272/mo
+$972/mo- Down payment
- $45,105
- Funds due
- $54,512
- Interest + MI left
- $606,388
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,895 | $337,895 | $399,895 |
| Second mortgage | — | $62,000 | — |
| First P&I | $1,609.35 | $1,609.35 | $2,768.79 |
| Second P&I | — | $498.87 | — |
| Mortgage insurance | $266.96 | $266.96 | $79.98 |
| Taxes, insurance & HOA | $423.67 | $423.67 | $423.67 |
| Total housing payment | $2,299.97 | $2,798.84 | $3,272.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,105
Closing costs & prepaids$12,834
Usable credit−$0
Total buyer cash needed$57,939
Earnest money paid−$0
Remaining funds due$57,939
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$641.00
Initial HOA (3 months)$180.00
Prepaid interest, first (2 days)$57.40
Prepaid interest, second (2 days)$30.58
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$52,746Through Nov 2026
Assumption only · ends Feb 2052$196,974
Assumption + second · ends Feb 2052, second Dec 2056$314,566
New conventional · ends Dec 2056$606,388