Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,811/mo
Lowest payment- Down payment
- $59,411
- Funds due
- $69,472
- Interest + MI left
- $164,037
- First ends
- Apr 2052
Assumption
Assumption + second
$2,045/mo
+$233/mo- Down payment
- $30,411
- Funds due
- $41,744
- Interest + MI left
- $219,039
- First ends
- Apr 2052
New loan
New conventional
$2,272/mo
+$460/mo- Down payment
- $30,411
- Funds due
- $38,453
- Interest + MI left
- $389,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $240,489 | $240,489 | $269,489 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,218.75 | $1,218.75 | $1,812.87 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $187.79 | $187.79 | $53.90 |
| Taxes, insurance & HOA | $404.92 | $404.92 | $404.92 |
| Total housing payment | $1,811.45 | $2,044.80 | $2,271.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,411
Closing costs & prepaids$11,333
Usable credit−$0
Total buyer cash needed$41,744
Earnest money paid−$0
Remaining funds due$41,744
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)$764.75
Prepaid interest, first (3 days)$72.94
Prepaid interest, second (3 days)$21.45
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 3 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 3.69%
Interest already paid$43,631Through Dec 2026
Assumption only · ends Apr 2052$164,037
Assumption + second · ends Apr 2052, second Jan 2057$219,039
New conventional · ends Jan 2057$389,396