Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,080/mo
Lowest payment- Down payment
- $106,657
- Funds due
- $117,792
- Interest + MI left
- $197,981
- First ends
- Apr 2052
Assumption
Assumption + second
$2,603/mo
+$523/mo- Down payment
- $41,657
- Funds due
- $54,187
- Interest + MI left
- $321,262
- First ends
- Apr 2052
New loan
New conventional
$2,920/mo
+$839/mo- Down payment
- $41,657
- Funds due
- $50,974
- Interest + MI left
- $545,889
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,343 | $308,343 | $373,343 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,522.66 | $1,522.66 | $2,529.16 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $241.69 | $241.69 | $74.67 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,080.34 | $2,603.35 | $2,919.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,657
Closing costs & prepaids$12,530
Usable credit−$0
Total buyer cash needed$54,187
Earnest money paid−$0
Remaining funds due$54,187
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)$498.00
Prepaid interest, first (9 days)$262.30
Prepaid interest, second (9 days)$144.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$52,407Through Dec 2026
Assumption only · ends Apr 2052$197,981
Assumption + second · ends Apr 2052, second Jan 2057$321,262
New conventional · ends Jan 2057$545,889