Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,387/mo
Lowest payment- Down payment
- $86,543
- Funds due
- $97,982
- Interest + MI left
- $217,047
- First ends
- Apr 2052
Assumption
Assumption + second
$2,749/mo
+$362/mo- Down payment
- $41,543
- Funds due
- $54,243
- Interest + MI left
- $302,396
- First ends
- Apr 2052
New loan
New conventional
$3,155/mo
+$768/mo- Down payment
- $41,543
- Funds due
- $50,811
- Interest + MI left
- $566,373
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,457 | $328,457 | $373,457 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,636.33 | $1,636.33 | $2,585.74 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $256.52 | $256.52 | $74.69 |
| Taxes, insurance & HOA | $494.08 | $494.08 | $494.08 |
| Total housing payment | $2,386.94 | $2,749.02 | $3,154.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,543
Closing costs & prepaids$12,700
Usable credit−$0
Total buyer cash needed$54,243
Earnest money paid−$0
Remaining funds due$54,243
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$582.25
Initial HOA (3 months)$450.00
Prepaid interest, first (1 days)$31.95
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 3.550%
Interest already paid$56,308Through Nov 2026
Assumption only · ends Apr 2052$217,047
Assumption + second · ends Apr 2052, second Dec 2056$302,396
New conventional · ends Dec 2056$566,373