Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,812/mo
Lowest payment- Down payment
- $242,796
- Funds due
- $257,170
- Interest + MI left
- $251,752
- First ends
- Apr 2052
Assumption
Assumption + second
$4,133/mo
+$1,321/mo- Down payment
- $62,796
- Funds due
- $78,776
- Interest + MI left
- $547,231
- First ends
- Apr 2052
New loan
New conventional
$4,526/mo
+$1,714/mo- Down payment
- $62,796
- Funds due
- $75,403
- Interest + MI left
- $822,035
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,204 | $382,204 | $562,204 |
| Second mortgage | — | $180,000 | — |
| First P&I | $1,907.95 | $1,907.95 | $3,808.57 |
| Second P&I | — | $1,320.78 | — |
| Mortgage insurance | $299.10 | $299.10 | $112.44 |
| Taxes, insurance & HOA | $605.00 | $605.00 | $605.00 |
| Total housing payment | $2,812.05 | $4,132.83 | $4,526.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,796
Closing costs & prepaids$15,980
Usable credit−$0
Total buyer cash needed$78,776
Earnest money paid−$0
Remaining funds due$78,776
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$750.00
Initial HOA (3 months)$564.99
Prepaid interest, first (9 days)$334.56
Prepaid interest, second (9 days)$355.07
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$66,787Through Dec 2026
Assumption only · ends Apr 2052$251,752
Assumption + second · ends Apr 2052, second Jan 2057$547,231
New conventional · ends Jan 2057$822,035