Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $108,519
- Funds due
- $119,619
- Interest + MI left
- $173,226
- First ends
- Apr 2052
Assumption
Assumption + second
$2,613/mo
+$571/mo- Down payment
- $37,519
- Funds due
- $49,886
- Interest + MI left
- $307,888
- First ends
- Apr 2052
New loan
New conventional
$2,902/mo
+$860/mo- Down payment
- $37,519
- Funds due
- $46,486
- Interest + MI left
- $504,163
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $261,481 | $261,481 | $332,481 |
| Second mortgage | — | $71,000 | — |
| First P&I | $1,304.08 | $1,304.08 | $2,302.03 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $204.18 | $204.18 | $66.50 |
| Taxes, insurance & HOA | $533.17 | $533.17 | $533.17 |
| Total housing payment | $2,041.43 | $2,612.71 | $2,901.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,519
Closing costs & prepaids$12,368
Usable credit−$0
Total buyer cash needed$49,886
Earnest money paid−$0
Remaining funds due$49,886
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,700.00
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)$390.50
Initial HOA (3 months)$759.00
Prepaid interest, first (1 days)$25.50
Prepaid interest, second (1 days)$17.51
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 3.560%
Interest already paid$44,948Through Nov 2026
Assumption only · ends Apr 2052$173,226
Assumption + second · ends Apr 2052, second Dec 2056$307,888
New conventional · ends Dec 2056$504,163