Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,233/mo
Lowest payment- Down payment
- $96,083
- Funds due
- $107,189
- Interest + MI left
- $214,047
- First ends
- Apr 2052
Assumption
Assumption + second
$2,668/mo
+$434/mo- Down payment
- $42,083
- Funds due
- $54,453
- Interest + MI left
- $316,466
- First ends
- Apr 2052
New loan
New conventional
$3,059/mo
+$826/mo- Down payment
- $42,083
- Funds due
- $51,014
- Interest + MI left
- $573,137
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $323,917 | $323,917 | $377,917 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,613.71 | $1,613.71 | $2,616.62 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $252.98 | $252.98 | $75.58 |
| Taxes, insurance & HOA | $366.67 | $366.67 | $366.67 |
| Total housing payment | $2,233.35 | $2,667.85 | $3,058.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,083
Closing costs & prepaids$12,370
Usable credit−$0
Total buyer cash needed$54,453
Earnest money paid−$0
Remaining funds due$54,453
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$350.00
Initial HOA (3 months)$300.00
Prepaid interest, first (1 days)$31.50
Prepaid interest, second (1 days)$13.32
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 3.550%
Interest already paid$55,529Through Nov 2026
Assumption only · ends Apr 2052$214,047
Assumption + second · ends Apr 2052, second Dec 2056$316,466
New conventional · ends Dec 2056$573,137