Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,702/mo
Lowest payment- Down payment
- $122,948
- Funds due
- $135,693
- Interest + MI left
- $260,718
- First ends
- Apr 2052
Assumption
Assumption + second
$3,265/mo
+$563/mo- Down payment
- $52,948
- Funds due
- $67,098
- Interest + MI left
- $393,483
- First ends
- Apr 2052
New loan
New conventional
$3,698/mo
+$997/mo- Down payment
- $52,948
- Funds due
- $63,861
- Interest + MI left
- $696,067
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,052 | $406,052 | $476,052 |
| Second mortgage | — | $70,000 | — |
| First P&I | $2,005.16 | $2,005.16 | $3,224.94 |
| Second P&I | — | $563.24 | — |
| Mortgage insurance | $318.27 | $318.27 | $95.21 |
| Taxes, insurance & HOA | $378.25 | $378.25 | $378.25 |
| Total housing payment | $2,701.69 | $3,264.92 | $3,698.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$52,948
Closing costs & prepaids$14,151
Usable credit−$0
Total buyer cash needed$67,098
Earnest money paid−$0
Remaining funds due$67,098
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$634.75
Prepaid interest, first (9 days)$345.42
Prepaid interest, second (9 days)$155.34
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$69,014Through Dec 2026
Assumption only · ends Apr 2052$260,718
Assumption + second · ends Apr 2052, second Jan 2057$393,483
New conventional · ends Jan 2057$696,067