Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,933/mo
Lowest payment- Down payment
- $69,387
- Funds due
- $80,002
- Interest + MI left
- $151,912
- First ends
- Apr 2052
Assumption
Assumption + second
$2,231/mo
+$298/mo- Down payment
- $32,387
- Funds due
- $44,270
- Interest + MI left
- $222,088
- First ends
- Apr 2052
New loan
New conventional
$2,581/mo
+$648/mo- Down payment
- $32,387
- Funds due
- $40,951
- Interest + MI left
- $436,127
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,613 | $250,613 | $287,613 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,204.33 | $1,204.33 | $1,991.37 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $196.76 | $196.76 | $57.52 |
| Taxes, insurance & HOA | $532.00 | $532.00 | $532.00 |
| Total housing payment | $1,933.08 | $2,230.79 | $2,580.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,387
Closing costs & prepaids$11,883
Usable credit−$0
Total buyer cash needed$44,270
Earnest money paid−$0
Remaining funds due$44,270
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$924.00
Initial HOA (3 months)$222.00
Prepaid interest, first (2 days)$44.22
Prepaid interest, second (2 days)$18.25
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 3.220%
Interest already paid$39,076Through Nov 2026
Assumption only · ends Apr 2052$151,912
Assumption + second · ends Apr 2052, second Dec 2056$222,088
New conventional · ends Dec 2056$436,127