Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,123/mo
Lowest payment- Down payment
- $124,268
- Funds due
- $135,672
- Interest + MI left
- $183,985
- First ends
- Apr 2052
Assumption
Assumption + second
$2,791/mo
+$668/mo- Down payment
- $41,268
- Funds due
- $53,963
- Interest + MI left
- $341,406
- First ends
- Apr 2052
New loan
New conventional
$3,118/mo
+$995/mo- Down payment
- $41,268
- Funds due
- $50,555
- Interest + MI left
- $559,055
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $285,632 | $285,632 | $368,632 |
| Second mortgage | — | $83,000 | — |
| First P&I | $1,407.61 | $1,407.61 | $2,552.33 |
| Second P&I | — | $667.84 | — |
| Mortgage insurance | $223.43 | $223.43 | $73.73 |
| Taxes, insurance & HOA | $492.08 | $492.08 | $492.08 |
| Total housing payment | $2,123.12 | $2,790.96 | $3,118.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,268
Closing costs & prepaids$12,695
Usable credit−$0
Total buyer cash needed$53,963
Earnest money paid−$0
Remaining funds due$53,963
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$985.00
Initial HOA (3 months)$41.25
Prepaid interest, first (2 days)$54.00
Prepaid interest, second (2 days)$40.93
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$47,626Through Nov 2026
Assumption only · ends Apr 2052$183,985
Assumption + second · ends Apr 2052, second Dec 2056$341,406
New conventional · ends Dec 2056$559,055