Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,629/mo
Lowest payment- Down payment
- $38,697
- Funds due
- $48,446
- Interest + MI left
- $119,915
- First ends
- Apr 2052
Assumption
Assumption + second
$1,905/mo
+$275/mo- Down payment
- $11,697
- Funds due
- $22,704
- Interest + MI left
- $191,962
- First ends
- Apr 2052
New loan
New conventional
$2,058/mo
+$428/mo- Down payment
- $11,697
- Funds due
- $19,552
- Interest + MI left
- $312,381
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $178,302 | $178,302 | $205,302 |
| Second mortgage | — | $27,000 | — |
| First P&I | $895.03 | $895.03 | $1,421.47 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $139.10 | $139.10 | $41.06 |
| Taxes, insurance & HOA | $595.25 | $595.25 | $595.25 |
| Total housing payment | $1,629.38 | $1,904.51 | $2,057.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$11,697
Closing costs & prepaids$11,007
Usable credit−$0
Total buyer cash needed$22,704
Earnest money paid−$0
Remaining funds due$22,704
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,169.99
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)$123.75
Initial HOA (3 months)$1,212.00
Prepaid interest, first (1 days)$17.68
Prepaid interest, second (1 days)$8.78
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 3.620%
Interest already paid$31,151Through Nov 2026
Assumption only · ends Apr 2052$119,915
Assumption + second · ends Apr 2052, second Dec 2056$191,962
New conventional · ends Dec 2056$312,381