Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,643/mo
Lowest payment- Down payment
- $97,109
- Funds due
- $107,834
- Interest + MI left
- $88,976
- First ends
- Mar 2052
Assumption
Assumption + second
$2,222/mo
+$579/mo- Down payment
- $25,109
- Funds due
- $37,172
- Interest + MI left
- $225,534
- First ends
- Mar 2052
New loan
New conventional
$2,359/mo
+$716/mo- Down payment
- $25,109
- Funds due
- $33,938
- Interest + MI left
- $327,219
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $151,791 | $151,791 | $223,791 |
| Second mortgage | — | $72,000 | — |
| First P&I | $724.55 | $724.55 | $1,516.04 |
| Second P&I | — | $579.33 | — |
| Mortgage insurance | $119.88 | $119.88 | $44.76 |
| Taxes, insurance & HOA | $798.58 | $798.58 | $798.58 |
| Total housing payment | $1,643.02 | $2,222.35 | $2,359.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,109
Closing costs & prepaids$12,063
Usable credit−$0
Total buyer cash needed$37,172
Earnest money paid−$0
Remaining funds due$37,172
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,489.00
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)$634.75
Initial HOA (3 months)$1,311.00
Prepaid interest, first (5 days)$64.88
Prepaid interest, second (5 days)$88.77
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 3 moOf the original 30-year loan at 3.12%
Interest already paid$23,843Through Dec 2026
Assumption only · ends Mar 2052$88,976
Assumption + second · ends Mar 2052, second Jan 2057$225,534
New conventional · ends Jan 2057$327,219