Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,928/mo
Lowest payment- Down payment
- $67,291
- Funds due
- $77,766
- Interest + MI left
- $179,563
- First ends
- Apr 2052
Assumption
Assumption + second
$2,194/mo
+$266/mo- Down payment
- $34,291
- Funds due
- $46,089
- Interest + MI left
- $242,152
- First ends
- Apr 2052
New loan
New conventional
$2,485/mo
+$557/mo- Down payment
- $34,291
- Funds due
- $42,925
- Interest + MI left
- $446,851
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,609 | $272,609 | $305,609 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,360.85 | $1,360.85 | $2,070.30 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $213.34 | $213.34 | $61.12 |
| Taxes, insurance & HOA | $354.00 | $354.00 | $354.00 |
| Total housing payment | $1,928.19 | $2,193.71 | $2,485.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,291
Closing costs & prepaids$11,798
Usable credit−$0
Total buyer cash needed$46,089
Earnest money paid−$0
Remaining funds due$46,089
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,399.00
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)$408.00
Initial HOA (3 months)$204.00
Prepaid interest, first (9 days)$238.63
Prepaid interest, second (9 days)$73.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 3.55%
Interest already paid$47,636Through Dec 2026
Assumption only · ends Apr 2052$179,563
Assumption + second · ends Apr 2052, second Jan 2057$242,152
New conventional · ends Jan 2057$446,851