Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,025/mo
Lowest payment- Down payment
- $85,180
- Funds due
- $96,258
- Interest + MI left
- $146,534
- First ends
- Apr 2052
Assumption
Assumption + second
$2,435/mo
+$410/mo- Down payment
- $34,180
- Funds due
- $46,520
- Interest + MI left
- $243,263
- First ends
- Apr 2052
New loan
New conventional
$2,787/mo
+$762/mo- Down payment
- $34,180
- Funds due
- $43,156
- Interest + MI left
- $456,154
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,820 | $249,820 | $300,820 |
| Second mortgage | — | $51,000 | — |
| First P&I | $1,184.71 | $1,184.71 | $2,082.82 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $196.52 | $196.52 | $60.16 |
| Taxes, insurance & HOA | $643.83 | $643.83 | $643.83 |
| Total housing payment | $2,025.07 | $2,435.43 | $2,786.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,180
Closing costs & prepaids$12,340
Usable credit−$0
Total buyer cash needed$46,520
Earnest money paid−$0
Remaining funds due$46,520
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$461.50
Initial HOA (3 months)$1,020.00
Prepaid interest, first (1 days)$21.22
Prepaid interest, second (1 days)$12.58
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.100%
Interest already paid$37,539Through Nov 2026
Assumption only · ends Apr 2052$146,534
Assumption + second · ends Apr 2052, second Dec 2056$243,263
New conventional · ends Dec 2056$456,154