Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $111,763
- Funds due
- $122,862
- Interest + MI left
- $131,883
- First ends
- Mar 2052
Assumption
Assumption + second
$2,498/mo
+$620/mo- Down payment
- $34,763
- Funds due
- $47,188
- Interest + MI left
- $277,925
- First ends
- Mar 2052
New loan
New conventional
$2,723/mo
+$844/mo- Down payment
- $34,763
- Funds due
- $43,874
- Interest + MI left
- $438,100
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,237 | $226,237 | $303,237 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,077.53 | $1,077.53 | $2,039.89 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $178.74 | $178.74 | $60.65 |
| Taxes, insurance & HOA | $622.33 | $622.33 | $622.33 |
| Total housing payment | $1,878.61 | $2,498.17 | $2,722.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,763
Closing costs & prepaids$12,425
Usable credit−$0
Total buyer cash needed$47,188
Earnest money paid−$0
Remaining funds due$47,188
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,380.00
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)$862.00
Initial HOA (3 months)$555.00
Prepaid interest, first (4 days)$76.86
Prepaid interest, second (4 days)$75.95
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 3.1%
Interest already paid$35,316Through Dec 2026
Assumption only · ends Mar 2052$131,883
Assumption + second · ends Mar 2052, second Jan 2057$277,925
New conventional · ends Jan 2057$438,100