Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,924/mo
Lowest payment- Down payment
- $365,023
- Funds due
- $383,326
- Interest + MI left
- $359,550
- First ends
- Apr 2052
Assumption
Assumption + second
$5,873/mo
+$1,949/mo- Down payment
- $93,023
- Funds due
- $112,922
- Interest + MI left
- $789,060
- First ends
- Apr 2052
New loan
New conventional
$6,522/mo
+$2,598/mo- Down payment
- $93,023
- Funds due
- $109,260
- Interest + MI left
- $1,216,488
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $559,977 | $559,977 | $831,977 |
| Second mortgage | — | $272,000 | — |
| First P&I | $2,765.27 | $2,765.27 | $5,636.10 |
| Second P&I | — | $1,948.64 | — |
| Mortgage insurance | $438.92 | $438.92 | $166.40 |
| Taxes, insurance & HOA | $720.00 | $720.00 | $720.00 |
| Total housing payment | $3,924.19 | $5,872.83 | $6,522.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$93,023
Closing costs & prepaids$19,899
Usable credit−$0
Total buyer cash needed$112,922
Earnest money paid−$0
Remaining funds due$112,922
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,250.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,110.00
Initial HOA (3 months)$399.99
Prepaid interest, first (6 days)$317.58
Prepaid interest, second (6 days)$346.52
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$95,175Through Dec 2026
Assumption only · ends Apr 2052$359,550
Assumption + second · ends Apr 2052, second Jan 2057$789,060
New conventional · ends Jan 2057$1,216,488