Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,880/mo
Lowest payment- Down payment
- $170,152
- Funds due
- $181,641
- Interest + MI left
- $154,691
- First ends
- Apr 2052
Assumption
Assumption + second
$2,827/mo
+$947/mo- Down payment
- $41,152
- Funds due
- $54,004
- Interest + MI left
- $366,451
- First ends
- Apr 2052
New loan
New conventional
$3,045/mo
+$1,164/mo- Down payment
- $41,152
- Funds due
- $50,622
- Interest + MI left
- $525,740
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $234,848 | $234,848 | $363,848 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,172.35 | $1,172.35 | $2,447.63 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $183.79 | $183.79 | $72.77 |
| Taxes, insurance & HOA | $524.25 | $524.25 | $524.25 |
| Total housing payment | $1,880.39 | $2,826.95 | $3,044.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,152
Closing costs & prepaids$12,852
Usable credit−$0
Total buyer cash needed$54,004
Earnest money paid−$0
Remaining funds due$54,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$1,032.75
Initial HOA (3 months)$90.00
Prepaid interest, first (4 days)$91.37
Prepaid interest, second (4 days)$113.10
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 3.55%
Interest already paid$41,038Through Dec 2026
Assumption only · ends Apr 2052$154,691
Assumption + second · ends Apr 2052, second Jan 2057$366,451
New conventional · ends Jan 2057$525,740