Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,671/mo
Lowest payment- Down payment
- $122,112
- Funds due
- $134,498
- Interest + MI left
- $262,090
- First ends
- Apr 2052
Assumption
Assumption + second
$3,227/mo
+$555/mo- Down payment
- $53,112
- Funds due
- $66,782
- Interest + MI left
- $392,958
- First ends
- Apr 2052
New loan
New conventional
$3,738/mo
+$1,067/mo- Down payment
- $53,112
- Funds due
- $63,283
- Interest + MI left
- $721,716
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $406,888 | $406,888 | $475,888 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,005.16 | $2,005.16 | $3,294.95 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $318.27 | $318.27 | $95.18 |
| Taxes, insurance & HOA | $348.00 | $348.00 | $348.00 |
| Total housing payment | $2,671.44 | $3,226.63 | $3,738.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,112
Closing costs & prepaids$13,670
Usable credit−$0
Total buyer cash needed$66,782
Earnest money paid−$0
Remaining funds due$66,782
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$544.00
Prepaid interest, first (2 days)$76.92
Prepaid interest, second (2 days)$34.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$67,844Through Nov 2026
Assumption only · ends Apr 2052$262,090
Assumption + second · ends Apr 2052, second Dec 2056$392,958
New conventional · ends Dec 2056$721,716