Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,440/mo
Lowest payment- Down payment
- $62,279
- Funds due
- $73,622
- Interest + MI left
- $222,451
- First ends
- Apr 2052
Assumption
Assumption + second
$2,868/mo
+$428/mo- Down payment
- $20,279
- Funds due
- $32,913
- Interest + MI left
- $334,524
- First ends
- Apr 2052
New loan
New conventional
$3,120/mo
+$680/mo- Down payment
- $20,279
- Funds due
- $29,743
- Interest + MI left
- $550,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,721 | $337,721 | $379,721 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,685.89 | $1,685.89 | $2,554.41 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $264.29 | $264.29 | $75.94 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $2,440.18 | $2,868.16 | $3,120.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,279
Closing costs & prepaids$12,635
Usable credit−$0
Total buyer cash needed$32,913
Earnest money paid−$0
Remaining funds due$32,913
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$1,020.00
Prepaid interest, first (3 days)$98.54
Prepaid interest, second (3 days)$40.99
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 3.55%
Interest already paid$59,014Through Dec 2026
Assumption only · ends Apr 2052$222,451
Assumption + second · ends Apr 2052, second Jan 2057$334,524
New conventional · ends Jan 2057$550,726