Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,679/mo
Lowest payment- Down payment
- $55,842
- Funds due
- $65,640
- Interest + MI left
- $160,757
- First ends
- Apr 2052
Assumption
Assumption + second
$1,880/mo
+$201/mo- Down payment
- $30,842
- Funds due
- $41,945
- Interest + MI left
- $208,173
- First ends
- Apr 2052
New loan
New conventional
$2,147/mo
+$467/mo- Down payment
- $30,842
- Funds due
- $38,794
- Interest + MI left
- $393,353
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $244,058 | $244,058 | $269,058 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,218.33 | $1,218.33 | $1,822.69 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $190.99 | $190.99 | $53.81 |
| Taxes, insurance & HOA | $270.00 | $270.00 | $270.00 |
| Total housing payment | $1,679.32 | $1,880.48 | $2,146.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,842
Closing costs & prepaids$11,103
Usable credit−$0
Total buyer cash needed$41,945
Earnest money paid−$0
Remaining funds due$41,945
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$360.00
Prepaid interest, first (9 days)$213.63
Prepaid interest, second (9 days)$55.48
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 3.55%
Interest already paid$42,647Through Dec 2026
Assumption only · ends Apr 2052$160,757
Assumption + second · ends Apr 2052, second Jan 2057$208,173
New conventional · ends Jan 2057$393,353