Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,016/mo
Lowest payment- Down payment
- $67,302
- Funds due
- $75,759
- Interest + MI left
- $95,073
- First ends
- Apr 2052
Assumption
Assumption + second
$1,378/mo
+$362/mo- Down payment
- $22,302
- Funds due
- $32,020
- Interest + MI left
- $180,422
- First ends
- Apr 2052
New loan
New conventional
$1,545/mo
+$529/mo- Down payment
- $22,302
- Funds due
- $28,761
- Interest + MI left
- $292,011
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,598 | $147,598 | $192,598 |
| Second mortgage | — | $45,000 | — |
| First P&I | $727.37 | $727.37 | $1,333.51 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $115.45 | $115.45 | $38.52 |
| Taxes, insurance & HOA | $173.00 | $173.00 | $173.00 |
| Total housing payment | $1,015.82 | $1,377.90 | $1,545.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,302
Closing costs & prepaids$9,718
Usable credit−$0
Total buyer cash needed$32,020
Earnest money paid−$0
Remaining funds due$32,020
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$69.00
Prepaid interest, first (1 days)$13.95
Prepaid interest, second (1 days)$11.10
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$24,610Through Nov 2026
Assumption only · ends Apr 2052$95,073
Assumption + second · ends Apr 2052, second Dec 2056$180,422
New conventional · ends Dec 2056$292,011