Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$865/mo
Lowest payment- Down payment
- $74,759
- Funds due
- $83,029
- Interest + MI left
- $77,451
- First ends
- Apr 2052
Assumption
Assumption + second
$1,307/mo
+$443/mo- Down payment
- $19,759
- Funds due
- $29,293
- Interest + MI left
- $181,767
- First ends
- Apr 2052
New loan
New conventional
$1,426/mo
+$562/mo- Down payment
- $19,759
- Funds due
- $26,056
- Interest + MI left
- $265,730
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $120,241 | $120,241 | $175,241 |
| Second mortgage | — | $55,000 | — |
| First P&I | $592.56 | $592.56 | $1,213.33 |
| Second P&I | — | $442.54 | — |
| Mortgage insurance | $94.05 | $94.05 | $35.05 |
| Taxes, insurance & HOA | $178.08 | $178.08 | $178.08 |
| Total housing payment | $864.69 | $1,307.24 | $1,426.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,759
Closing costs & prepaids$9,534
Usable credit−$0
Total buyer cash needed$29,293
Earnest money paid−$0
Remaining funds due$29,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,950.00
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)$84.25
Prepaid interest, first (1 days)$11.37
Prepaid interest, second (1 days)$13.56
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$20,049Through Nov 2026
Assumption only · ends Apr 2052$77,451
Assumption + second · ends Apr 2052, second Dec 2056$181,767
New conventional · ends Dec 2056$265,730