Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,793/mo
Lowest payment- Down payment
- $343,246
- Funds due
- $356,715
- Interest + MI left
- $124,934
- First ends
- Apr 2052
Assumption
Assumption + second
$3,856/mo
+$2,063/mo- Down payment
- $55,246
- Funds due
- $70,271
- Interest + MI left
- $579,711
- First ends
- Apr 2052
New loan
New conventional
$4,085/mo
+$2,292/mo- Down payment
- $55,246
- Funds due
- $66,758
- Interest + MI left
- $723,412
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,754 | $206,754 | $494,754 |
| Second mortgage | — | $288,000 | — |
| First P&I | $995.67 | $995.67 | $3,351.64 |
| Second P&I | — | $2,063.27 | — |
| Mortgage insurance | $162.67 | $162.67 | $98.95 |
| Taxes, insurance & HOA | $634.17 | $634.17 | $634.17 |
| Total housing payment | $1,792.50 | $3,855.77 | $4,084.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,246
Closing costs & prepaids$15,024
Usable credit−$0
Total buyer cash needed$70,271
Earnest money paid−$0
Remaining funds due$70,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,402.50
Prepaid interest, first (5 days)$91.20
Prepaid interest, second (5 days)$305.75
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.22%
Interest already paid$32,862Through Dec 2026
Assumption only · ends Apr 2052$124,934
Assumption + second · ends Apr 2052, second Jan 2057$579,711
New conventional · ends Jan 2057$723,412