Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,030/mo
Lowest payment- Down payment
- $115,408
- Funds due
- $126,371
- Interest + MI left
- $191,776
- First ends
- May 2052
Assumption
Assumption + second
$2,641/mo
+$612/mo- Down payment
- $39,408
- Funds due
- $51,639
- Interest + MI left
- $335,921
- First ends
- May 2052
New loan
New conventional
$2,917/mo
+$888/mo- Down payment
- $39,408
- Funds due
- $48,220
- Interest + MI left
- $531,611
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,582 | $274,582 | $350,582 |
| Second mortgage | — | $76,000 | — |
| First P&I | $1,396.52 | $1,396.52 | $2,427.36 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $213.34 | $213.34 | $70.12 |
| Taxes, insurance & HOA | $419.92 | $419.92 | $419.92 |
| Total housing payment | $2,029.77 | $2,641.29 | $2,917.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,408
Closing costs & prepaids$12,232
Usable credit−$0
Total buyer cash needed$51,639
Earnest money paid−$0
Remaining funds due$51,639
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.90
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)$569.75
Initial HOA (3 months)$240.00
Prepaid interest, first (1 days)$28.29
Prepaid interest, second (1 days)$18.74
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 3.760%
Interest already paid$48,814Through Nov 2026
Assumption only · ends May 2052$191,776
Assumption + second · ends May 2052, second Dec 2056$335,921
New conventional · ends Dec 2056$531,611