Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,053/mo
Lowest payment- Down payment
- $94,047
- Funds due
- $105,236
- Interest + MI left
- $172,320
- First ends
- Apr 2052
Assumption
Assumption + second
$2,520/mo
+$467/mo- Down payment
- $36,047
- Funds due
- $48,615
- Interest + MI left
- $282,325
- First ends
- Apr 2052
New loan
New conventional
$2,769/mo
+$716/mo- Down payment
- $36,047
- Funds due
- $45,411
- Interest + MI left
- $466,298
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $260,953 | $260,953 | $318,953 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,304.08 | $1,304.08 | $2,160.70 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $204.18 | $204.18 | $63.79 |
| Taxes, insurance & HOA | $545.00 | $545.00 | $545.00 |
| Total housing payment | $2,053.26 | $2,519.94 | $2,769.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,047
Closing costs & prepaids$12,568
Usable credit−$0
Total buyer cash needed$48,615
Earnest money paid−$0
Remaining funds due$48,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,550.00
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)$426.00
Initial HOA (3 months)$759.00
Prepaid interest, first (9 days)$229.07
Prepaid interest, second (9 days)$128.71
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 3.56%
Interest already paid$45,724Through Dec 2026
Assumption only · ends Apr 2052$172,320
Assumption + second · ends Apr 2052, second Jan 2057$282,325
New conventional · ends Jan 2057$466,298