Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,299/mo
Lowest payment- Down payment
- $143,173
- Funds due
- $153,137
- Interest + MI left
- $116,473
- First ends
- Apr 2052
Assumption
Assumption + second
$2,114/mo
+$814/mo- Down payment
- $32,173
- Funds due
- $43,606
- Interest + MI left
- $298,685
- First ends
- Apr 2052
New loan
New conventional
$2,285/mo
+$986/mo- Down payment
- $32,173
- Funds due
- $40,370
- Interest + MI left
- $420,851
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $176,827 | $176,827 | $287,827 |
| Second mortgage | — | $111,000 | — |
| First P&I | $882.72 | $882.72 | $1,949.84 |
| Second P&I | — | $814.48 | — |
| Mortgage insurance | $138.38 | $138.38 | $57.57 |
| Taxes, insurance & HOA | $278.00 | $278.00 | $278.00 |
| Total housing payment | $1,299.10 | $2,113.57 | $2,285.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,173
Closing costs & prepaids$11,433
Usable credit−$0
Total buyer cash needed$43,606
Earnest money paid−$0
Remaining funds due$43,606
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$384.00
Prepaid interest, first (9 days)$154.78
Prepaid interest, second (9 days)$218.96
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$30,899Through Dec 2026
Assumption only · ends Apr 2052$116,473
Assumption + second · ends Apr 2052, second Jan 2057$298,685
New conventional · ends Jan 2057$420,851