Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,418/mo
Lowest payment- Down payment
- $97,376
- Funds due
- $107,417
- Interest + MI left
- $91,869
- First ends
- May 2052
Assumption
Assumption + second
$2,006/mo
+$587/mo- Down payment
- $24,376
- Funds due
- $35,739
- Interest + MI left
- $230,323
- First ends
- May 2052
New loan
New conventional
$2,098/mo
+$679/mo- Down payment
- $24,376
- Funds due
- $32,487
- Interest + MI left
- $311,564
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $142,624 | $142,624 | $215,624 |
| Second mortgage | — | $73,000 | — |
| First P&I | $702.86 | $702.86 | $1,450.52 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $111.56 | $111.56 | $43.12 |
| Taxes, insurance & HOA | $604.00 | $604.00 | $604.00 |
| Total housing payment | $1,418.42 | $2,005.79 | $2,097.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,376
Closing costs & prepaids$11,363
Usable credit−$0
Total buyer cash needed$35,739
Earnest money paid−$0
Remaining funds due$35,739
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,400.00
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)$612.00
Initial HOA (3 months)$750.00
Prepaid interest, first (4 days)$53.92
Prepaid interest, second (4 days)$72.00
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 5 moOf the original 30-year loan at 3.45%
Interest already paid$23,781Through Dec 2026
Assumption only · ends May 2052$91,869
Assumption + second · ends May 2052, second Jan 2057$230,323
New conventional · ends Jan 2057$311,564