Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,246/mo
Lowest payment- Down payment
- $78,232
- Funds due
- $89,120
- Interest + MI left
- $223,364
- First ends
- Apr 2052
Assumption
Assumption + second
$2,527/mo
+$282/mo- Down payment
- $43,232
- Funds due
- $55,387
- Interest + MI left
- $289,746
- First ends
- Apr 2052
New loan
New conventional
$2,985/mo
+$740/mo- Down payment
- $43,232
- Funds due
- $51,976
- Interest + MI left
- $578,899
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,767 | $346,767 | $381,767 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,708.88 | $1,708.88 | $2,643.28 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $271.25 | $271.25 | $76.35 |
| Taxes, insurance & HOA | $265.67 | $265.67 | $265.67 |
| Total housing payment | $2,245.80 | $2,527.41 | $2,985.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,232
Closing costs & prepaids$12,155
Usable credit−$0
Total buyer cash needed$55,387
Earnest money paid−$0
Remaining funds due$55,387
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,249.99
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)$347.00
Prepaid interest, first (2 days)$65.55
Prepaid interest, second (2 days)$17.26
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$57,819Through Nov 2026
Assumption only · ends Apr 2052$223,364
Assumption + second · ends Apr 2052, second Dec 2056$289,746
New conventional · ends Dec 2056$578,899