Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,749/mo
Lowest payment- Down payment
- $141,605
- Funds due
- $152,562
- Interest + MI left
- $137,455
- First ends
- Apr 2052
Assumption
Assumption + second
$2,527/mo
+$778/mo- Down payment
- $35,605
- Funds due
- $47,858
- Interest + MI left
- $311,459
- First ends
- Apr 2052
New loan
New conventional
$2,806/mo
+$1,057/mo- Down payment
- $35,605
- Funds due
- $44,495
- Interest + MI left
- $484,384
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,395 | $213,395 | $319,395 |
| Second mortgage | — | $106,000 | — |
| First P&I | $1,051.62 | $1,051.62 | $2,211.43 |
| Second P&I | — | $777.79 | — |
| Mortgage insurance | $166.92 | $166.92 | $63.88 |
| Taxes, insurance & HOA | $530.41 | $530.41 | $530.41 |
| Total housing payment | $1,748.96 | $2,526.75 | $2,805.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,605
Closing costs & prepaids$12,253
Usable credit−$0
Total buyer cash needed$47,858
Earnest money paid−$0
Remaining funds due$47,858
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$840.25
Initial HOA (3 months)$300.99
Prepaid interest, first (2 days)$40.34
Prepaid interest, second (2 days)$46.47
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$35,581Through Nov 2026
Assumption only · ends Apr 2052$137,455
Assumption + second · ends Apr 2052, second Dec 2056$311,459
New conventional · ends Dec 2056$484,384