Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,005/mo
Lowest payment- Down payment
- $85,719
- Funds due
- $96,843
- Interest + MI left
- $145,767
- First ends
- Apr 2052
Assumption
Assumption + second
$2,424/mo
+$418/mo- Down payment
- $33,719
- Funds due
- $46,170
- Interest + MI left
- $244,392
- First ends
- Apr 2052
New loan
New conventional
$2,725/mo
+$720/mo- Down payment
- $33,719
- Funds due
- $42,934
- Interest + MI left
- $440,523
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,281 | $249,281 | $301,281 |
| Second mortgage | — | $52,000 | — |
| First P&I | $1,184.71 | $1,184.71 | $2,040.98 |
| Second P&I | — | $418.40 | — |
| Mortgage insurance | $196.52 | $196.52 | $60.26 |
| Taxes, insurance & HOA | $624.00 | $624.00 | $624.00 |
| Total housing payment | $2,005.23 | $2,423.64 | $2,725.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,719
Closing costs & prepaids$12,451
Usable credit−$0
Total buyer cash needed$46,170
Earnest money paid−$0
Remaining funds due$46,170
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$402.00
Initial HOA (3 months)$1,020.00
Prepaid interest, first (6 days)$127.03
Prepaid interest, second (6 days)$76.93
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 3.1%
Interest already paid$38,185Through Dec 2026
Assumption only · ends Apr 2052$145,767
Assumption + second · ends Apr 2052, second Jan 2057$244,392
New conventional · ends Jan 2057$440,523