Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,648/mo
Lowest payment- Down payment
- $148,400
- Funds due
- $159,204
- Interest + MI left
- $142,285
- First ends
- Apr 2052
Assumption
Assumption + second
$2,462/mo
+$814/mo- Down payment
- $37,400
- Funds due
- $49,673
- Interest + MI left
- $324,497
- First ends
- Apr 2052
New loan
New conventional
$2,700/mo
+$1,052/mo- Down payment
- $37,400
- Funds due
- $46,430
- Interest + MI left
- $486,316
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $221,600 | $221,600 | $332,600 |
| Second mortgage | — | $111,000 | — |
| First P&I | $1,094.30 | $1,094.30 | $2,253.15 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $173.70 | $173.70 | $66.52 |
| Taxes, insurance & HOA | $380.00 | $380.00 | $380.00 |
| Total housing payment | $1,648.00 | $2,462.48 | $2,699.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,400
Closing costs & prepaids$12,272
Usable credit−$0
Total buyer cash needed$49,673
Earnest money paid−$0
Remaining funds due$49,673
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)$444.00
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$188.51
Prepaid interest, second (9 days)$218.96
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$37,664Through Dec 2026
Assumption only · ends Apr 2052$142,285
Assumption + second · ends Apr 2052, second Jan 2057$324,497
New conventional · ends Jan 2057$486,316