Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,892/mo
Lowest payment- Down payment
- $285,023
- Funds due
- $302,483
- Interest + MI left
- $359,550
- First ends
- Apr 2052
Assumption
Assumption + second
$5,325/mo
+$1,433/mo- Down payment
- $85,023
- Funds due
- $104,030
- Interest + MI left
- $675,366
- First ends
- Apr 2052
New loan
New conventional
$5,988/mo
+$2,096/mo- Down payment
- $85,023
- Funds due
- $100,508
- Interest + MI left
- $1,111,212
- 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 | $759,977 |
| Second mortgage | — | $200,000 | — |
| First P&I | $2,765.27 | $2,765.27 | $5,148.35 |
| Second P&I | — | $1,432.82 | — |
| Mortgage insurance | $438.92 | $438.92 | $152.00 |
| Taxes, insurance & HOA | $688.00 | $688.00 | $688.00 |
| Total housing payment | $3,892.19 | $5,325.02 | $5,988.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,023
Closing costs & prepaids$19,007
Usable credit−$0
Total buyer cash needed$104,030
Earnest money paid−$0
Remaining funds due$104,030
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,450.00
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)$1,014.00
Initial HOA (3 months)$399.99
Prepaid interest, first (7 days)$370.51
Prepaid interest, second (7 days)$297.26
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$675,366
New conventional · ends Jan 2057$1,111,212