Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
Lowest payment- Down payment
- $242,021
- Funds due
- $255,975
- Interest + MI left
- $253,076
- First ends
- Apr 2052
Assumption
Assumption + second
$4,072/mo
+$1,313/mo- Down payment
- $63,021
- Funds due
- $78,303
- Interest + MI left
- $546,914
- First ends
- Apr 2052
New loan
New conventional
$4,555/mo
+$1,796/mo- Down payment
- $63,021
- Funds due
- $74,698
- Interest + MI left
- $852,279
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $382,979 | $382,979 | $561,979 |
| Second mortgage | — | $179,000 | — |
| First P&I | $1,907.95 | $1,907.95 | $3,891.03 |
| Second P&I | — | $1,313.44 | — |
| Mortgage insurance | $299.10 | $299.10 | $112.40 |
| Taxes, insurance & HOA | $551.50 | $551.50 | $551.50 |
| Total housing payment | $2,758.55 | $4,071.99 | $4,554.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$63,021
Closing costs & prepaids$15,282
Usable credit−$0
Total buyer cash needed$78,303
Earnest money paid−$0
Remaining funds due$78,303
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$589.50
Initial HOA (3 months)$564.99
Prepaid interest, first (2 days)$74.50
Prepaid interest, second (2 days)$78.47
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 3.550%
Interest already paid$65,654Through Nov 2026
Assumption only · ends Apr 2052$253,076
Assumption + second · ends Apr 2052, second Dec 2056$546,914
New conventional · ends Dec 2056$852,279