Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,794/mo
Lowest payment- Down payment
- $57,861
- Funds due
- $69,936
- Interest + MI left
- $281,050
- First ends
- Apr 2052
Assumption
Assumption + second
$3,140/mo
+$346/mo- Down payment
- $23,861
- Funds due
- $37,252
- Interest + MI left
- $371,776
- First ends
- Apr 2052
New loan
New conventional
$3,495/mo
+$701/mo- Down payment
- $23,861
- Funds due
- $34,174
- Interest + MI left
- $654,591
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $412,039 | $412,039 | $446,039 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,088.13 | $2,088.13 | $3,021.62 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $321.74 | $321.74 | $89.21 |
| Taxes, insurance & HOA | $383.84 | $383.84 | $383.84 |
| Total housing payment | $2,793.71 | $3,140.17 | $3,494.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,861
Closing costs & prepaids$13,392
Usable credit−$0
Total buyer cash needed$37,252
Earnest money paid−$0
Remaining funds due$37,252
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$564.00
Initial HOA (3 months)$87.51
Prepaid interest, first (6 days)$249.93
Prepaid interest, second (6 days)$66.37
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 3.69%
Interest already paid$74,754Through Dec 2026
Assumption only · ends Apr 2052$281,050
Assumption + second · ends Apr 2052, second Jan 2057$371,776
New conventional · ends Jan 2057$654,591