Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,044/mo
Lowest payment- Down payment
- $122,126
- Funds due
- $133,364
- Interest + MI left
- $167,853
- First ends
- Jan 2052
Assumption
Assumption + second
$2,688/mo
+$644/mo- Down payment
- $42,126
- Funds due
- $54,653
- Interest + MI left
- $319,585
- First ends
- Jan 2052
New loan
New conventional
$3,078/mo
+$1,034/mo- Down payment
- $42,126
- Funds due
- $51,245
- Interest + MI left
- $565,414
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $292,874 | $292,874 | $372,874 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,390.30 | $1,390.30 | $2,581.70 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $232.10 | $232.10 | $74.57 |
| Taxes, insurance & HOA | $421.50 | $421.50 | $421.50 |
| Total housing payment | $2,043.90 | $2,687.60 | $3,077.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,126
Closing costs & prepaids$12,528
Usable credit−$0
Total buyer cash needed$54,653
Earnest money paid−$0
Remaining funds due$54,653
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$451.50
Initial HOA (3 months)$363.00
Prepaid interest, first (2 days)$48.95
Prepaid interest, second (2 days)$39.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 2 moOf the original 30-year loan at 3.050%
Interest already paid$45,846Through Nov 2026
Assumption only · ends Jan 2052$167,853
Assumption + second · ends Jan 2052, second Dec 2056$319,585
New conventional · ends Dec 2056$565,414