Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,445/mo
Lowest payment- Down payment
- $82,686
- Funds due
- $94,040
- Interest + MI left
- $236,599
- First ends
- Apr 2052
Assumption
Assumption + second
$2,743/mo
+$298/mo- Down payment
- $45,686
- Funds due
- $58,299
- Interest + MI left
- $306,774
- First ends
- Apr 2052
New loan
New conventional
$3,228/mo
+$783/mo- Down payment
- $45,686
- Funds due
- $54,830
- Interest + MI left
- $613,089
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,314 | $367,314 | $404,314 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,810.14 | $1,810.14 | $2,799.39 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $287.32 | $287.32 | $80.86 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $2,445.46 | $2,743.17 | $3,228.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,686
Closing costs & prepaids$12,613
Usable credit−$0
Total buyer cash needed$58,299
Earnest money paid−$0
Remaining funds due$58,299
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$414.00
Initial HOA (3 months)$180.00
Prepaid interest, first (1 days)$34.72
Prepaid interest, second (1 days)$9.12
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 3.450%
Interest already paid$61,245Through Nov 2026
Assumption only · ends Apr 2052$236,599
Assumption + second · ends Apr 2052, second Dec 2056$306,774
New conventional · ends Dec 2056$613,089