Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,175/mo
Lowest payment- Down payment
- $70,998
- Funds due
- $82,051
- Interest + MI left
- $199,046
- First ends
- Apr 2052
Assumption
Assumption + second
$2,433/mo
+$257/mo- Down payment
- $38,998
- Funds due
- $51,372
- Interest + MI left
- $259,739
- First ends
- Apr 2052
New loan
New conventional
$2,787/mo
+$611/mo- Down payment
- $38,998
- Funds due
- $48,203
- Interest + MI left
- $499,995
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,002 | $310,002 | $342,002 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,530.85 | $1,530.85 | $2,316.84 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $242.99 | $242.99 | $68.40 |
| Taxes, insurance & HOA | $401.42 | $401.42 | $401.42 |
| Total housing payment | $2,175.25 | $2,432.73 | $2,786.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,998
Closing costs & prepaids$12,374
Usable credit−$0
Total buyer cash needed$51,372
Earnest money paid−$0
Remaining funds due$51,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,810.00
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)$457.25
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$263.71
Prepaid interest, second (9 days)$71.01
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$52,689Through Dec 2026
Assumption only · ends Apr 2052$199,046
Assumption + second · ends Apr 2052, second Jan 2057$259,739
New conventional · ends Jan 2057$499,995