Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,414/mo
Lowest payment- Down payment
- $92,376
- Funds due
- $102,354
- Interest + MI left
- $91,869
- First ends
- May 2052
Assumption
Assumption + second
$1,961/mo
+$547/mo- Down payment
- $24,376
- Funds due
- $35,672
- Interest + MI left
- $220,840
- First ends
- May 2052
New loan
New conventional
$2,059/mo
+$645/mo- Down payment
- $24,376
- Funds due
- $32,421
- Interest + MI left
- $304,255
- 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 | $210,624 |
| Second mortgage | — | $68,000 | — |
| First P&I | $702.86 | $702.86 | $1,416.88 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $111.56 | $111.56 | $42.12 |
| Taxes, insurance & HOA | $599.75 | $599.75 | $599.75 |
| Total housing payment | $1,414.17 | $1,961.31 | $2,058.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,376
Closing costs & prepaids$11,295
Usable credit−$0
Total buyer cash needed$35,672
Earnest money paid−$0
Remaining funds due$35,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,350.00
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)$599.25
Initial HOA (3 months)$750.00
Prepaid interest, first (4 days)$53.92
Prepaid interest, second (4 days)$67.07
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$220,840
New conventional · ends Jan 2057$304,255