Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,570/mo
Lowest payment- Down payment
- $107,443
- Funds due
- $117,687
- Interest + MI left
- $131,052
- First ends
- Mar 2052
Assumption
Assumption + second
$2,166/mo
+$595/mo- Down payment
- $33,443
- Funds due
- $45,101
- Interest + MI left
- $271,403
- First ends
- Mar 2052
New loan
New conventional
$2,382/mo
+$812/mo- Down payment
- $33,443
- Funds due
- $41,896
- Interest + MI left
- $426,246
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $217,557 | $217,557 | $291,557 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,049.93 | $1,049.93 | $1,975.11 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $171.53 | $171.53 | $58.31 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $1,570.14 | $2,165.56 | $2,382.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,443
Closing costs & prepaids$11,658
Usable credit−$0
Total buyer cash needed$45,101
Earnest money paid−$0
Remaining funds due$45,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$206.01
Prepaid interest, first (9 days)$172.73
Prepaid interest, second (9 days)$164.22
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 3 moOf the original 30-year loan at 3.22%
Interest already paid$35,238Through Dec 2026
Assumption only · ends Mar 2052$131,052
Assumption + second · ends Mar 2052, second Jan 2057$271,403
New conventional · ends Jan 2057$426,246