Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,019/mo
Lowest payment- Down payment
- $75,220
- Funds due
- $86,237
- Interest + MI left
- $150,934
- First ends
- Apr 2052
Assumption
Assumption + second
$2,357/mo
+$338/mo- Down payment
- $33,220
- Funds due
- $45,549
- Interest + MI left
- $230,593
- First ends
- Apr 2052
New loan
New conventional
$2,655/mo
+$636/mo- Down payment
- $33,220
- Funds due
- $42,317
- Interest + MI left
- $426,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $249,780 | $249,780 | $291,780 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,202.87 | $1,202.87 | $1,976.62 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $196.52 | $196.52 | $58.36 |
| Taxes, insurance & HOA | $620.00 | $620.00 | $620.00 |
| Total housing payment | $2,019.39 | $2,357.33 | $2,654.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,220
Closing costs & prepaids$12,329
Usable credit−$0
Total buyer cash needed$45,549
Earnest money paid−$0
Remaining funds due$45,549
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)$1,020.00
Prepaid interest, first (6 days)$132.21
Prepaid interest, second (6 days)$62.14
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 3.22%
Interest already paid$39,701Through Dec 2026
Assumption only · ends Apr 2052$150,934
Assumption + second · ends Apr 2052, second Jan 2057$230,593
New conventional · ends Jan 2057$426,572