Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,311/mo
Lowest payment- Down payment
- $131,646
- Funds due
- $143,485
- Interest + MI left
- $203,616
- First ends
- Apr 2052
Assumption
Assumption + second
$3,011/mo
+$700/mo- Down payment
- $44,646
- Funds due
- $57,778
- Interest + MI left
- $368,624
- First ends
- Apr 2052
New loan
New conventional
$3,347/mo
+$1,036/mo- Down payment
- $44,646
- Funds due
- $54,339
- Interest + MI left
- $597,986
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $307,354 | $307,354 | $394,354 |
| Second mortgage | — | $87,000 | — |
| First P&I | $1,532.86 | $1,532.86 | $2,730.43 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $240.00 | $240.00 | $78.87 |
| Taxes, insurance & HOA | $538.08 | $538.08 | $538.08 |
| Total housing payment | $2,310.94 | $3,010.96 | $3,347.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,646
Closing costs & prepaids$13,132
Usable credit−$0
Total buyer cash needed$57,778
Earnest money paid−$0
Remaining funds due$57,778
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,390.00
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)$384.25
Initial HOA (3 months)$780.00
Prepaid interest, first (2 days)$59.96
Prepaid interest, second (2 days)$42.90
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 3.560%
Interest already paid$52,834Through Nov 2026
Assumption only · ends Apr 2052$203,616
Assumption + second · ends Apr 2052, second Dec 2056$368,624
New conventional · ends Dec 2056$597,986