Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,432/mo
Lowest payment- Down payment
- $95,836
- Funds due
- $105,583
- Interest + MI left
- $130,447
- First ends
- Apr 2052
Assumption
Assumption + second
$1,955/mo
+$523/mo- Down payment
- $30,836
- Funds due
- $41,977
- Interest + MI left
- $253,729
- First ends
- Apr 2052
New loan
New conventional
$2,140/mo
+$708/mo- Down payment
- $30,836
- Funds due
- $38,776
- Interest + MI left
- $391,993
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $203,164 | $203,164 | $268,164 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,003.26 | $1,003.26 | $1,816.64 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $159.24 | $159.24 | $53.63 |
| Taxes, insurance & HOA | $269.58 | $269.58 | $269.58 |
| Total housing payment | $1,432.09 | $1,955.09 | $2,139.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,836
Closing costs & prepaids$11,141
Usable credit−$0
Total buyer cash needed$41,977
Earnest money paid−$0
Remaining funds due$41,977
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,990.00
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)$358.75
Prepaid interest, first (9 days)$172.83
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$34,530Through Dec 2026
Assumption only · ends Apr 2052$130,447
Assumption + second · ends Apr 2052, second Jan 2057$253,729
New conventional · ends Jan 2057$391,993