Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,876/mo
Lowest payment- Down payment
- $165,052
- Funds due
- $176,477
- Interest + MI left
- $154,691
- First ends
- Apr 2052
Assumption
Assumption + second
$2,793/mo
+$917/mo- Down payment
- $40,052
- Funds due
- $52,837
- Interest + MI left
- $359,885
- First ends
- Apr 2052
New loan
New conventional
$3,013/mo
+$1,137/mo- Down payment
- $40,052
- Funds due
- $49,466
- Interest + MI left
- $519,960
- 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 | $359,848 |
| Second mortgage | — | $125,000 | — |
| First P&I | $1,172.35 | $1,172.35 | $2,420.72 |
| Second P&I | — | $917.21 | — |
| Mortgage insurance | $183.79 | $183.79 | $71.97 |
| Taxes, insurance & HOA | $519.92 | $519.92 | $519.92 |
| Total housing payment | $1,876.06 | $2,793.26 | $3,012.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,052
Closing costs & prepaids$12,785
Usable credit−$0
Total buyer cash needed$52,837
Earnest money paid−$0
Remaining funds due$52,837
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.00
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)$1,019.75
Initial HOA (3 months)$90.00
Prepaid interest, first (4 days)$91.37
Prepaid interest, second (4 days)$109.59
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$359,885
New conventional · ends Jan 2057$519,960