Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,736/mo
Lowest payment- Down payment
- $69,163
- Funds due
- $79,379
- Interest + MI left
- $145,401
- First ends
- Apr 2052
Assumption
Assumption + second
$2,034/mo
+$298/mo- Down payment
- $32,163
- Funds due
- $43,711
- Interest + MI left
- $215,577
- First ends
- Apr 2052
New loan
New conventional
$2,358/mo
+$621/mo- Down payment
- $32,163
- Funds due
- $40,578
- Interest + MI left
- $420,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $250,737 | $250,737 | $287,737 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,187.69 | $1,187.69 | $1,949.23 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $197.77 | $197.77 | $57.55 |
| Taxes, insurance & HOA | $351.00 | $351.00 | $351.00 |
| Total housing payment | $1,736.46 | $2,034.17 | $2,357.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,163
Closing costs & prepaids$11,549
Usable credit−$0
Total buyer cash needed$43,711
Earnest money paid−$0
Remaining funds due$43,711
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$384.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$189.80
Prepaid interest, second (9 days)$82.11
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 3.07%
Interest already paid$38,046Through Dec 2026
Assumption only · ends Apr 2052$145,401
Assumption + second · ends Apr 2052, second Jan 2057$215,577
New conventional · ends Jan 2057$420,719