Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,127/mo
Lowest payment- Down payment
- $117,215
- Funds due
- $128,580
- Interest + MI left
- $182,145
- First ends
- Apr 2052
Assumption
Assumption + second
$2,747/mo
+$620/mo- Down payment
- $40,215
- Funds due
- $52,868
- Interest + MI left
- $328,186
- First ends
- Apr 2052
New loan
New conventional
$3,075/mo
+$948/mo- Down payment
- $40,215
- Funds due
- $49,470
- Interest + MI left
- $545,623
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,775 | $282,775 | $359,775 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,393.53 | $1,393.53 | $2,491.01 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $221.19 | $221.19 | $71.96 |
| Taxes, insurance & HOA | $512.25 | $512.25 | $512.25 |
| Total housing payment | $2,126.97 | $2,746.53 | $3,075.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,215
Closing costs & prepaids$12,653
Usable credit−$0
Total buyer cash needed$52,868
Earnest money paid−$0
Remaining funds due$52,868
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.90
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)$648.75
Initial HOA (3 months)$438.00
Prepaid interest, first (2 days)$53.46
Prepaid interest, second (2 days)$37.97
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 5 moOf the original 30-year loan at 3.450%
Interest already paid$47,149Through Nov 2026
Assumption only · ends Apr 2052$182,145
Assumption + second · ends Apr 2052, second Dec 2056$328,186
New conventional · ends Dec 2056$545,623