Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,467/mo
Lowest payment- Down payment
- $117,872
- Funds due
- $128,349
- Interest + MI left
- $84,195
- First ends
- Apr 2052
Assumption
Assumption + second
$2,207/mo
+$740/mo- Down payment
- $25,872
- Funds due
- $37,713
- Interest + MI left
- $258,686
- First ends
- Apr 2052
New loan
New conventional
$2,273/mo
+$806/mo- Down payment
- $25,872
- Funds due
- $34,448
- Interest + MI left
- $326,161
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $131,128 | $131,128 | $223,128 |
| Second mortgage | — | $92,000 | — |
| First P&I | $647.53 | $647.53 | $1,511.55 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $102.78 | $102.78 | $44.63 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $1,466.98 | $2,207.23 | $2,272.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,872
Closing costs & prepaids$11,840
Usable credit−$0
Total buyer cash needed$37,713
Earnest money paid−$0
Remaining funds due$37,713
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,490.00
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)$635.00
Initial HOA (3 months)$1,065.00
Prepaid interest, first (5 days)$61.97
Prepaid interest, second (5 days)$113.42
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.45%
Interest already paid$22,287Through Dec 2026
Assumption only · ends Apr 2052$84,195
Assumption + second · ends Apr 2052, second Jan 2057$258,686
New conventional · ends Jan 2057$326,161