Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,043/mo
Lowest payment- Down payment
- $83,589
- Funds due
- $94,656
- Interest + MI left
- $151,729
- First ends
- Apr 2052
Assumption
Assumption + second
$2,446/mo
+$402/mo- Down payment
- $33,589
- Funds due
- $45,919
- Interest + MI left
- $246,561
- First ends
- Apr 2052
New loan
New conventional
$2,783/mo
+$740/mo- Down payment
- $33,589
- Funds due
- $42,559
- Interest + MI left
- $455,442
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,311 | $250,311 | $300,311 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,202.87 | $1,202.87 | $2,079.29 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $196.52 | $196.52 | $60.06 |
| Taxes, insurance & HOA | $643.83 | $643.83 | $643.83 |
| Total housing payment | $2,043.23 | $2,445.54 | $2,783.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,589
Closing costs & prepaids$12,330
Usable credit−$0
Total buyer cash needed$45,919
Earnest money paid−$0
Remaining funds due$45,919
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,339.00
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)$22.08
Prepaid interest, second (1 days)$12.33
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 3.220%
Interest already paid$39,029Through Nov 2026
Assumption only · ends Apr 2052$151,729
Assumption + second · ends Apr 2052, second Dec 2056$246,561
New conventional · ends Dec 2056$455,442