Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,620/mo
Lowest payment- Down payment
- $55,347
- Funds due
- $64,801
- Interest + MI left
- $161,602
- First ends
- Apr 2052
Assumption
Assumption + second
$1,821/mo
+$201/mo- Down payment
- $30,347
- Funds due
- $41,063
- Interest + MI left
- $209,018
- First ends
- Apr 2052
New loan
New conventional
$2,131/mo
+$511/mo- Down payment
- $30,347
- Funds due
- $37,759
- Interest + MI left
- $408,741
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,553 | $244,553 | $269,553 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,218.33 | $1,218.33 | $1,866.33 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $190.99 | $190.99 | $53.91 |
| Taxes, insurance & HOA | $210.58 | $210.58 | $210.58 |
| Total housing payment | $1,619.91 | $1,821.06 | $2,130.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,347
Closing costs & prepaids$10,716
Usable credit−$0
Total buyer cash needed$41,063
Earnest money paid−$0
Remaining funds due$41,063
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$181.75
Prepaid interest, first (2 days)$47.57
Prepaid interest, second (2 days)$12.33
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 3.550%
Interest already paid$41,924Through Nov 2026
Assumption only · ends Apr 2052$161,602
Assumption + second · ends Apr 2052, second Dec 2056$209,018
New conventional · ends Dec 2056$408,741