Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,339/mo
Lowest payment- Down payment
- $104,131
- Funds due
- $113,930
- Interest + MI left
- $96,391
- First ends
- Apr 2052
Assumption
Assumption + second
$1,975/mo
+$636/mo- Down payment
- $25,131
- Funds due
- $36,219
- Interest + MI left
- $246,226
- First ends
- Apr 2052
New loan
New conventional
$2,100/mo
+$761/mo- Down payment
- $25,131
- Funds due
- $32,941
- Interest + MI left
- $341,029
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $145,869 | $145,869 | $224,869 |
| Second mortgage | — | $79,000 | — |
| First P&I | $726.70 | $726.70 | $1,556.95 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $113.92 | $113.92 | $44.97 |
| Taxes, insurance & HOA | $498.50 | $498.50 | $498.50 |
| Total housing payment | $1,339.12 | $1,974.77 | $2,100.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,131
Closing costs & prepaids$11,088
Usable credit−$0
Total buyer cash needed$36,219
Earnest money paid−$0
Remaining funds due$36,219
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,500.00
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)$1,045.50
Prepaid interest, first (2 days)$28.37
Prepaid interest, second (2 days)$38.96
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$25,006Through Nov 2026
Assumption only · ends Apr 2052$96,391
Assumption + second · ends Apr 2052, second Dec 2056$246,226
New conventional · ends Dec 2056$341,029