Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,879/mo
Lowest payment- Down payment
- $185,427
- Funds due
- $197,101
- Interest + MI left
- $150,550
- First ends
- Apr 2052
Assumption
Assumption + second
$2,928/mo
+$1,049/mo- Down payment
- $42,427
- Funds due
- $55,476
- Interest + MI left
- $385,292
- First ends
- Apr 2052
New loan
New conventional
$3,152/mo
+$1,273/mo- Down payment
- $42,427
- Funds due
- $52,082
- Interest + MI left
- $545,427
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,473 | $234,473 | $377,473 |
| Second mortgage | — | $143,000 | — |
| First P&I | $1,157.87 | $1,157.87 | $2,539.28 |
| Second P&I | — | $1,049.28 | — |
| Mortgage insurance | $183.79 | $183.79 | $75.49 |
| Taxes, insurance & HOA | $536.92 | $536.92 | $536.92 |
| Total housing payment | $1,878.57 | $2,927.86 | $3,151.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,427
Closing costs & prepaids$13,049
Usable credit−$0
Total buyer cash needed$55,476
Earnest money paid−$0
Remaining funds due$55,476
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.00
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)$1,070.75
Initial HOA (3 months)$90.00
Prepaid interest, first (4 days)$88.65
Prepaid interest, second (4 days)$125.37
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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$39,852Through Dec 2026
Assumption only · ends Apr 2052$150,550
Assumption + second · ends Apr 2052, second Jan 2057$385,292
New conventional · ends Jan 2057$545,427