Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,146/mo
Lowest payment- Down payment
- $188,383
- Funds due
- $200,929
- Interest + MI left
- $156,966
- First ends
- Feb 2052
Assumption
Assumption + second
$3,188/mo
+$1,042/mo- Down payment
- $46,383
- Funds due
- $60,242
- Interest + MI left
- $390,066
- First ends
- Feb 2052
New loan
New conventional
$3,588/mo
+$1,442/mo- Down payment
- $46,383
- Funds due
- $56,787
- Interest + MI left
- $627,126
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $271,517 | $271,517 | $413,517 |
| Second mortgage | — | $142,000 | — |
| First P&I | $1,288.93 | $1,288.93 | $2,863.11 |
| Second P&I | — | $1,041.95 | — |
| Mortgage insurance | $214.63 | $214.63 | $82.70 |
| Taxes, insurance & HOA | $642.08 | $642.08 | $642.08 |
| Total housing payment | $2,145.64 | $3,187.58 | $3,587.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,383
Closing costs & prepaids$13,858
Usable credit−$0
Total buyer cash needed$60,242
Earnest money paid−$0
Remaining funds due$60,242
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$682.25
Initial HOA (3 months)$744.00
Prepaid interest, first (2 days)$45.67
Prepaid interest, second (2 days)$62.25
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 3.070%
Interest already paid$41,985Through Nov 2026
Assumption only · ends Feb 2052$156,966
Assumption + second · ends Feb 2052, second Dec 2056$390,066
New conventional · ends Dec 2056$627,126