Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,869/mo
Lowest payment- Down payment
- $55,811
- Funds due
- $66,423
- Interest + MI left
- $122,621
- First ends
- Mar 2052
Assumption
Assumption + second
$2,102/mo
+$233/mo- Down payment
- $26,811
- Funds due
- $38,702
- Interest + MI left
- $177,624
- First ends
- Mar 2052
New loan
New conventional
$2,355/mo
+$486/mo- Down payment
- $26,811
- Funds due
- $35,469
- Interest + MI left
- $344,170
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $209,189 | $209,189 | $238,189 |
| Second mortgage | — | $29,000 | — |
| First P&I | $998.53 | $998.53 | $1,602.31 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $165.22 | $165.22 | $47.64 |
| Taxes, insurance & HOA | $705.25 | $705.25 | $705.25 |
| Total housing payment | $1,869.00 | $2,102.34 | $2,355.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,811
Closing costs & prepaids$11,891
Usable credit−$0
Total buyer cash needed$38,702
Earnest money paid−$0
Remaining funds due$38,702
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,650.00
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)$675.75
Initial HOA (3 months)$990.00
Prepaid interest, first (4 days)$71.53
Prepaid interest, second (4 days)$28.60
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 3 moOf the original 30-year loan at 3.12%
Interest already paid$32,860Through Dec 2026
Assumption only · ends Mar 2052$122,621
Assumption + second · ends Mar 2052, second Jan 2057$177,624
New conventional · ends Jan 2057$344,170