Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,922/mo
Lowest payment- Down payment
- $53,161
- Funds due
- $63,071
- Interest + MI left
- $199,711
- First ends
- Apr 2052
Assumption
Assumption + second
$2,278/mo
+$357/mo- Down payment
- $18,161
- Funds due
- $29,332
- Interest + MI left
- $293,105
- First ends
- Apr 2052
New loan
New conventional
$2,547/mo
+$625/mo- Down payment
- $18,161
- Funds due
- $26,125
- Interest + MI left
- $497,373
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,839 | $291,839 | $326,839 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,476.05 | $1,476.05 | $2,262.97 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $227.43 | $227.43 | $65.37 |
| Taxes, insurance & HOA | $218.25 | $218.25 | $218.25 |
| Total housing payment | $1,921.73 | $2,278.38 | $2,546.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,161
Closing costs & prepaids$11,171
Usable credit−$0
Total buyer cash needed$29,332
Earnest money paid−$0
Remaining funds due$29,332
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,450.00
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)$204.75
Prepaid interest, first (1 days)$29.50
Prepaid interest, second (1 days)$11.39
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 3.690%
Interest already paid$51,944Through Nov 2026
Assumption only · ends Apr 2052$199,711
Assumption + second · ends Apr 2052, second Dec 2056$293,105
New conventional · ends Dec 2056$497,373