Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,665/mo
Lowest payment- Down payment
- $65,197
- Funds due
- $75,458
- Interest + MI left
- $105,321
- First ends
- Jan 2052
Assumption
Assumption + second
$1,987/mo
+$322/mo- Down payment
- $25,197
- Funds due
- $36,748
- Interest + MI left
- $181,187
- First ends
- Jan 2052
New loan
New conventional
$2,181/mo
+$516/mo- Down payment
- $25,197
- Funds due
- $33,516
- Interest + MI left
- $317,559
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $179,803 | $179,803 | $219,803 |
| Second mortgage | — | $40,000 | — |
| First P&I | $863.90 | $863.90 | $1,478.63 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $142.58 | $142.58 | $43.96 |
| Taxes, insurance & HOA | $658.25 | $658.25 | $658.25 |
| Total housing payment | $1,664.73 | $1,986.58 | $2,180.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,197
Closing costs & prepaids$11,551
Usable credit−$0
Total buyer cash needed$36,748
Earnest money paid−$0
Remaining funds due$36,748
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$624.75
Initial HOA (3 months)$900.00
Prepaid interest, first (4 days)$61.87
Prepaid interest, second (4 days)$39.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.14%
Interest already paid$29,488Through Dec 2026
Assumption only · ends Jan 2052$105,321
Assumption + second · ends Jan 2052, second Jan 2057$181,187
New conventional · ends Jan 2057$317,559