Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,300/mo
Lowest payment- Down payment
- $78,944
- Funds due
- $90,224
- Interest + MI left
- $222,195
- First ends
- Apr 2052
Assumption
Assumption + second
$2,590/mo
+$290/mo- Down payment
- $42,944
- Funds due
- $55,553
- Interest + MI left
- $290,474
- First ends
- Apr 2052
New loan
New conventional
$2,985/mo
+$684/mo- Down payment
- $42,944
- Funds due
- $52,376
- Interest + MI left
- $558,628
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,055 | $346,055 | $382,055 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,708.88 | $1,708.88 | $2,588.17 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $271.25 | $271.25 | $76.41 |
| Taxes, insurance & HOA | $320.00 | $320.00 | $320.00 |
| Total housing payment | $2,300.13 | $2,589.79 | $2,984.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,944
Closing costs & prepaids$12,609
Usable credit−$0
Total buyer cash needed$55,553
Earnest money paid−$0
Remaining funds due$55,553
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$510.00
Prepaid interest, first (9 days)$294.38
Prepaid interest, second (9 days)$79.89
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$58,816Through Dec 2026
Assumption only · ends Apr 2052$222,195
Assumption + second · ends Apr 2052, second Jan 2057$290,474
New conventional · ends Jan 2057$558,628