Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,602/mo
Lowest payment- Down payment
- $212,339
- Funds due
- $223,737
- Interest + MI left
- $119,590
- First ends
- Apr 2052
Assumption
Assumption + second
$2,864/mo
+$1,262/mo- Down payment
- $40,339
- Funds due
- $53,025
- Interest + MI left
- $401,937
- First ends
- Apr 2052
New loan
New conventional
$3,090/mo
+$1,488/mo- Down payment
- $40,339
- Funds due
- $49,589
- Interest + MI left
- $542,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,661 | $185,661 | $357,661 |
| Second mortgage | — | $172,000 | — |
| First P&I | $914.95 | $914.95 | $2,476.37 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $145.23 | $145.23 | $71.53 |
| Taxes, insurance & HOA | $541.83 | $541.83 | $541.83 |
| Total housing payment | $1,602.01 | $2,864.08 | $3,089.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,339
Closing costs & prepaids$12,686
Usable credit−$0
Total buyer cash needed$53,025
Earnest money paid−$0
Remaining funds due$53,025
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$800.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$17.55
Prepaid interest, second (1 days)$37.70
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$30,957Through Nov 2026
Assumption only · ends Apr 2052$119,590
Assumption + second · ends Apr 2052, second Dec 2056$401,937
New conventional · ends Dec 2056$542,345