Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,052/mo
Lowest payment- Down payment
- $83,573
- Funds due
- $94,714
- Interest + MI left
- $158,226
- First ends
- Apr 2052
Assumption
Assumption + second
$2,454/mo
+$402/mo- Down payment
- $33,573
- Funds due
- $46,038
- Interest + MI left
- $253,058
- First ends
- Apr 2052
New loan
New conventional
$2,709/mo
+$657/mo- Down payment
- $33,573
- Funds due
- $42,788
- Interest + MI left
- $433,366
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,427 | $246,427 | $296,427 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,216.90 | $1,216.90 | $2,008.10 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $193.16 | $193.16 | $59.29 |
| Taxes, insurance & HOA | $642.00 | $642.00 | $642.00 |
| Total housing payment | $2,052.06 | $2,454.37 | $2,709.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,573
Closing costs & prepaids$12,465
Usable credit−$0
Total buyer cash needed$46,038
Earnest money paid−$0
Remaining funds due$46,038
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$396.00
Initial HOA (3 months)$1,080.00
Prepaid interest, first (6 days)$139.75
Prepaid interest, second (6 days)$73.97
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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$41,883Through Dec 2026
Assumption only · ends Apr 2052$158,226
Assumption + second · ends Apr 2052, second Jan 2057$253,058
New conventional · ends Jan 2057$433,366