Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,494/mo
Lowest payment- Down payment
- $212,720
- Funds due
- $223,936
- Interest + MI left
- $118,964
- First ends
- Apr 2052
Assumption
Assumption + second
$2,756/mo
+$1,262/mo- Down payment
- $40,720
- Funds due
- $53,525
- Interest + MI left
- $401,311
- First ends
- Apr 2052
New loan
New conventional
$2,926/mo
+$1,432/mo- Down payment
- $40,720
- Funds due
- $50,203
- Interest + MI left
- $522,331
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $185,280 | $185,280 | $357,280 |
| Second mortgage | — | $172,000 | — |
| First P&I | $914.95 | $914.95 | $2,420.34 |
| Second P&I | — | $1,262.08 | — |
| Mortgage insurance | $145.23 | $145.23 | $71.46 |
| Taxes, insurance & HOA | $434.17 | $434.17 | $434.17 |
| Total housing payment | $1,494.34 | $2,756.41 | $2,925.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,720
Closing costs & prepaids$12,804
Usable credit−$0
Total buyer cash needed$53,525
Earnest money paid−$0
Remaining funds due$53,525
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,980.00
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)$477.50
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$157.61
Prepaid interest, second (9 days)$339.29
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$31,491Through Dec 2026
Assumption only · ends Apr 2052$118,964
Assumption + second · ends Apr 2052, second Jan 2057$401,311
New conventional · ends Jan 2057$522,331