Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,801/mo
Lowest payment- Down payment
- $113,493
- Funds due
- $124,257
- Interest + MI left
- $157,634
- First ends
- Apr 2052
Assumption
Assumption + second
$2,421/mo
+$620/mo- Down payment
- $36,493
- Funds due
- $48,678
- Interest + MI left
- $303,675
- First ends
- Apr 2052
New loan
New conventional
$2,646/mo
+$844/mo- Down payment
- $36,493
- Funds due
- $45,454
- Interest + MI left
- $471,494
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,507 | $245,507 | $322,507 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,212.36 | $1,212.36 | $2,184.77 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $192.43 | $192.43 | $64.50 |
| Taxes, insurance & HOA | $396.58 | $396.58 | $396.58 |
| Total housing payment | $1,801.37 | $2,420.93 | $2,645.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,493
Closing costs & prepaids$12,184
Usable credit−$0
Total buyer cash needed$48,678
Earnest money paid−$0
Remaining funds due$48,678
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$430.75
Initial HOA (3 months)$309.00
Prepaid interest, first (9 days)$208.85
Prepaid interest, second (9 days)$170.88
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4 moOf the original 30-year loan at 3.45%
Interest already paid$41,727Through Dec 2026
Assumption only · ends Apr 2052$157,634
Assumption + second · ends Apr 2052, second Jan 2057$303,675
New conventional · ends Jan 2057$471,494