Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,285/mo
Lowest payment- Down payment
- $96,738
- Funds due
- $108,250
- Interest + MI left
- $212,927
- First ends
- Apr 2052
Assumption
Assumption + second
$2,719/mo
+$434/mo- Down payment
- $42,738
- Funds due
- $55,620
- Interest + MI left
- $315,346
- First ends
- Apr 2052
New loan
New conventional
$3,049/mo
+$764/mo- Down payment
- $42,738
- Funds due
- $52,408
- Interest + MI left
- $551,544
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,262 | $323,262 | $377,262 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,613.71 | $1,613.71 | $2,555.70 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $252.98 | $252.98 | $75.45 |
| Taxes, insurance & HOA | $418.00 | $418.00 | $418.00 |
| Total housing payment | $2,284.69 | $2,719.18 | $3,049.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,738
Closing costs & prepaids$12,882
Usable credit−$0
Total buyer cash needed$55,620
Earnest money paid−$0
Remaining funds due$55,620
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Initial HOA (3 months)$300.00
Prepaid interest, first (9 days)$282.96
Prepaid interest, second (9 days)$119.84
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 3.55%
Interest already paid$56,488Through Dec 2026
Assumption only · ends Apr 2052$212,927
Assumption + second · ends Apr 2052, second Jan 2057$315,346
New conventional · ends Jan 2057$551,544