Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,079/mo
Lowest payment- Down payment
- $67,605
- Funds due
- $76,362
- Interest + MI left
- $94,575
- First ends
- Apr 2052
Assumption
Assumption + second
$1,449/mo
+$370/mo- Down payment
- $21,605
- Funds due
- $31,715
- Interest + MI left
- $181,821
- First ends
- Apr 2052
New loan
New conventional
$1,584/mo
+$505/mo- Down payment
- $21,605
- Funds due
- $28,563
- Interest + MI left
- $282,629
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,295 | $147,295 | $193,295 |
| Second mortgage | — | $46,000 | — |
| First P&I | $727.37 | $727.37 | $1,309.45 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $115.45 | $115.45 | $38.66 |
| Taxes, insurance & HOA | $236.00 | $236.00 | $236.00 |
| Total housing payment | $1,078.82 | $1,448.95 | $1,584.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,605
Closing costs & prepaids$10,109
Usable credit−$0
Total buyer cash needed$31,715
Earnest money paid−$0
Remaining funds due$31,715
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,149.00
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)$258.00
Prepaid interest, first (9 days)$125.30
Prepaid interest, second (9 days)$102.08
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$25,035Through Dec 2026
Assumption only · ends Apr 2052$94,575
Assumption + second · ends Apr 2052, second Jan 2057$181,821
New conventional · ends Jan 2057$282,629