Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,355/mo
Lowest payment- Down payment
- $123,267
- Funds due
- $135,357
- Interest + MI left
- $202,551
- First ends
- Apr 2052
Assumption
Assumption + second
$2,999/mo
+$644/mo- Down payment
- $43,267
- Funds due
- $56,785
- Interest + MI left
- $354,282
- First ends
- Apr 2052
New loan
New conventional
$3,279/mo
+$924/mo- Down payment
- $43,267
- Funds due
- $53,540
- Interest + MI left
- $565,468
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $306,733 | $306,733 | $386,733 |
| Second mortgage | — | $80,000 | — |
| First P&I | $1,532.86 | $1,532.86 | $2,619.86 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $240.00 | $240.00 | $77.35 |
| Taxes, insurance & HOA | $582.00 | $582.00 | $582.00 |
| Total housing payment | $2,354.86 | $2,998.56 | $3,279.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,267
Closing costs & prepaids$13,518
Usable credit−$0
Total buyer cash needed$56,785
Earnest money paid−$0
Remaining funds due$56,785
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,300.00
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)$516.00
Initial HOA (3 months)$780.00
Prepaid interest, first (9 days)$269.25
Prepaid interest, second (9 days)$177.53
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 3.56%
Interest already paid$53,746Through Dec 2026
Assumption only · ends Apr 2052$202,551
Assumption + second · ends Apr 2052, second Jan 2057$354,282
New conventional · ends Jan 2057$565,468