Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,076/mo
Lowest payment- Down payment
- $106,023
- Funds due
- $116,910
- Interest + MI left
- $199,023
- First ends
- Apr 2052
Assumption
Assumption + second
$2,590/mo
+$515/mo- Down payment
- $42,023
- Funds due
- $54,176
- Interest + MI left
- $320,408
- First ends
- Apr 2052
New loan
New conventional
$2,968/mo
+$893/mo- Down payment
- $42,023
- Funds due
- $50,737
- Interest + MI left
- $565,570
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,977 | $308,977 | $372,977 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,522.66 | $1,522.66 | $2,582.42 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $241.69 | $241.69 | $74.60 |
| Taxes, insurance & HOA | $311.17 | $311.17 | $311.17 |
| Total housing payment | $2,075.51 | $2,590.47 | $2,968.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,023
Closing costs & prepaids$12,153
Usable credit−$0
Total buyer cash needed$54,176
Earnest money paid−$0
Remaining funds due$54,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$483.50
Prepaid interest, first (1 days)$29.20
Prepaid interest, second (1 days)$15.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5 moOf the original 30-year loan at 3.450%
Interest already paid$51,518Through Nov 2026
Assumption only · ends Apr 2052$199,023
Assumption + second · ends Apr 2052, second Dec 2056$320,408
New conventional · ends Dec 2056$565,570