Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,784/mo
Lowest payment- Down payment
- $112,988
- Funds due
- $123,514
- Interest + MI left
- $158,464
- First ends
- Apr 2052
Assumption
Assumption + second
$2,404/mo
+$620/mo- Down payment
- $35,988
- Funds due
- $47,783
- Interest + MI left
- $304,505
- First ends
- Apr 2052
New loan
New conventional
$2,680/mo
+$896/mo- Down payment
- $35,988
- Funds due
- $44,396
- Interest + MI left
- $489,869
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,012 | $246,012 | $323,012 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,212.36 | $1,212.36 | $2,236.47 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $192.43 | $192.43 | $64.60 |
| Taxes, insurance & HOA | $379.17 | $379.17 | $379.17 |
| Total housing payment | $1,783.96 | $2,403.51 | $2,680.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,988
Closing costs & prepaids$11,795
Usable credit−$0
Total buyer cash needed$47,783
Earnest money paid−$0
Remaining funds due$47,783
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,590.00
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)$378.50
Initial HOA (3 months)$309.00
Prepaid interest, first (1 days)$23.25
Prepaid interest, second (1 days)$18.99
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 3.450%
Interest already paid$41,020Through Nov 2026
Assumption only · ends Apr 2052$158,464
Assumption + second · ends Apr 2052, second Dec 2056$304,505
New conventional · ends Dec 2056$489,869