Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,705/mo
Lowest payment- Down payment
- $68,618
- Funds due
- $78,571
- Interest + MI left
- $146,166
- First ends
- Apr 2052
Assumption
Assumption + second
$1,995/mo
+$290/mo- Down payment
- $32,618
- Funds due
- $43,830
- Interest + MI left
- $214,446
- First ends
- Apr 2052
New loan
New conventional
$2,366/mo
+$661/mo- Down payment
- $32,618
- Funds due
- $40,483
- Interest + MI left
- $435,625
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $251,282 | $251,282 | $287,282 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,187.69 | $1,187.69 | $1,989.08 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $197.77 | $197.77 | $57.46 |
| Taxes, insurance & HOA | $319.50 | $319.50 | $319.50 |
| Total housing payment | $1,704.96 | $1,994.63 | $2,366.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,618
Closing costs & prepaids$11,213
Usable credit−$0
Total buyer cash needed$43,830
Earnest money paid−$0
Remaining funds due$43,830
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.00
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)$289.50
Initial HOA (3 months)$219.00
Prepaid interest, first (1 days)$21.14
Prepaid interest, second (1 days)$8.88
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 3.070%
Interest already paid$37,403Through Nov 2026
Assumption only · ends Apr 2052$146,166
Assumption + second · ends Apr 2052, second Dec 2056$214,446
New conventional · ends Dec 2056$435,625