Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,359/mo
Lowest payment- Down payment
- $87,207
- Funds due
- $98,817
- Interest + MI left
- $215,912
- First ends
- Apr 2052
Assumption
Assumption + second
$2,721/mo
+$362/mo- Down payment
- $42,207
- Funds due
- $55,167
- Interest + MI left
- $301,261
- First ends
- Apr 2052
New loan
New conventional
$3,066/mo
+$707/mo- Down payment
- $42,207
- Funds due
- $51,968
- Interest + MI left
- $545,010
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,793 | $327,793 | $372,793 |
| Second mortgage | — | $45,000 | — |
| First P&I | $1,636.33 | $1,636.33 | $2,525.43 |
| Second P&I | — | $362.08 | — |
| Mortgage insurance | $256.52 | $256.52 | $74.56 |
| Taxes, insurance & HOA | $466.00 | $466.00 | $466.00 |
| Total housing payment | $2,358.85 | $2,720.93 | $3,065.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,207
Closing costs & prepaids$12,960
Usable credit−$0
Total buyer cash needed$55,167
Earnest money paid−$0
Remaining funds due$55,167
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$450.00
Prepaid interest, first (9 days)$286.93
Prepaid interest, second (9 days)$99.86
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$57,279Through Dec 2026
Assumption only · ends Apr 2052$215,912
Assumption + second · ends Apr 2052, second Jan 2057$301,261
New conventional · ends Jan 2057$545,010