Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,854/mo
Lowest payment- Down payment
- $50,961
- Funds due
- $61,430
- Interest + MI left
- $126,550
- First ends
- Jan 2052
Assumption
Assumption + second
$2,231/mo
+$377/mo- Down payment
- $13,961
- Funds due
- $25,740
- Interest + MI left
- $225,281
- First ends
- Jan 2052
New loan
New conventional
$2,419/mo
+$565/mo- Down payment
- $13,961
- Funds due
- $22,649
- Interest + MI left
- $375,703
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $219,039 | $219,039 | $256,039 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,046.68 | $1,046.68 | $1,734.50 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $173.84 | $173.84 | $51.21 |
| Taxes, insurance & HOA | $633.50 | $633.50 | $633.50 |
| Total housing payment | $1,854.02 | $2,231.05 | $2,419.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,961
Closing costs & prepaids$11,778
Usable credit−$0
Total buyer cash needed$25,740
Earnest money paid−$0
Remaining funds due$25,740
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$688.50
Initial HOA (3 months)$762.00
Prepaid interest, first (5 days)$92.72
Prepaid interest, second (5 days)$60.19
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 1 moOf the original 30-year loan at 3.09%
Interest already paid$35,367Through Dec 2026
Assumption only · ends Jan 2052$126,550
Assumption + second · ends Jan 2052, second Jan 2057$225,281
New conventional · ends Jan 2057$375,703