Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $188,352
- Funds due
- $199,520
- Interest + MI left
- $148,449
- First ends
- Apr 2052
Assumption
Assumption + second
$2,787/mo
+$1,079/mo- Down payment
- $41,352
- Funds due
- $53,803
- Interest + MI left
- $389,758
- First ends
- Apr 2052
New loan
New conventional
$3,062/mo
+$1,353/mo- Down payment
- $41,352
- Funds due
- $50,361
- Interest + MI left
- $563,629
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $224,648 | $224,648 | $371,648 |
| Second mortgage | — | $147,000 | — |
| First P&I | $1,119.17 | $1,119.17 | $2,573.22 |
| Second P&I | — | $1,078.63 | — |
| Mortgage insurance | $175.45 | $175.45 | $74.33 |
| Taxes, insurance & HOA | $414.00 | $414.00 | $414.00 |
| Total housing payment | $1,708.61 | $2,787.25 | $3,061.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,352
Closing costs & prepaids$12,451
Usable credit−$0
Total buyer cash needed$53,803
Earnest money paid−$0
Remaining funds due$53,803
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,130.00
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)$767.00
Initial HOA (3 months)$24.99
Prepaid interest, first (1 days)$21.85
Prepaid interest, second (1 days)$32.22
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 3.550%
Interest already paid$38,512Through Nov 2026
Assumption only · ends Apr 2052$148,449
Assumption + second · ends Apr 2052, second Dec 2056$389,758
New conventional · ends Dec 2056$563,629