Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,579/mo
Lowest payment- Down payment
- $106,978
- Funds due
- $117,116
- Interest + MI left
- $131,743
- First ends
- Mar 2052
Assumption
Assumption + second
$2,175/mo
+$595/mo- Down payment
- $32,978
- Funds due
- $44,402
- Interest + MI left
- $272,095
- First ends
- Mar 2052
New loan
New conventional
$2,438/mo
+$859/mo- Down payment
- $32,978
- Funds due
- $41,066
- Interest + MI left
- $442,813
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $218,022 | $218,022 | $292,022 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,049.93 | $1,049.93 | $2,021.90 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $171.53 | $171.53 | $58.40 |
| Taxes, insurance & HOA | $358.00 | $358.00 | $358.00 |
| Total housing payment | $1,579.47 | $2,174.89 | $2,438.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,978
Closing costs & prepaids$11,424
Usable credit−$0
Total buyer cash needed$44,402
Earnest money paid−$0
Remaining funds due$44,402
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$418.00
Initial HOA (3 months)$206.01
Prepaid interest, first (2 days)$38.47
Prepaid interest, second (2 days)$36.49
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 4 moOf the original 30-year loan at 3.220%
Interest already paid$34,653Through Nov 2026
Assumption only · ends Mar 2052$131,743
Assumption + second · ends Mar 2052, second Dec 2056$272,095
New conventional · ends Dec 2056$442,813