Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,566/mo
Lowest payment- Down payment
- $43,734
- Funds due
- $53,151
- Interest + MI left
- $145,281
- First ends
- Apr 2052
Assumption
Assumption + second
$1,872/mo
+$306/mo- Down payment
- $13,734
- Funds due
- $24,459
- Interest + MI left
- $225,333
- First ends
- Apr 2052
New loan
New conventional
$2,059/mo
+$493/mo- Down payment
- $13,734
- Funds due
- $21,388
- Interest + MI left
- $376,087
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $226,266 | $226,266 | $256,266 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,117.35 | $1,117.35 | $1,736.04 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $177.35 | $177.35 | $51.25 |
| Taxes, insurance & HOA | $271.33 | $271.33 | $271.33 |
| Total housing payment | $1,566.03 | $1,871.73 | $2,058.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$13,734
Closing costs & prepaids$10,726
Usable credit−$0
Total buyer cash needed$24,459
Earnest money paid−$0
Remaining funds due$24,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,700.00
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)$324.00
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$128.32
Prepaid interest, second (6 days)$58.56
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$38,457Through Dec 2026
Assumption only · ends Apr 2052$145,281
Assumption + second · ends Apr 2052, second Jan 2057$225,333
New conventional · ends Jan 2057$376,087