Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,402/mo
Lowest payment- Down payment
- $169,520
- Funds due
- $179,700
- Interest + MI left
- $143,331
- First ends
- May 2052
Assumption
Assumption + second
$2,400/mo
+$998/mo- Down payment
- $33,520
- Funds due
- $44,980
- Interest + MI left
- $366,582
- First ends
- May 2052
New loan
New conventional
$2,492/mo
+$1,090/mo- Down payment
- $33,520
- Funds due
- $41,605
- Interest + MI left
- $457,215
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,480 | $165,480 | $301,480 |
| Second mortgage | — | $136,000 | — |
| First P&I | $930.93 | $930.93 | $2,087.39 |
| Second P&I | — | $997.92 | — |
| Mortgage insurance | $126.85 | $126.85 | $60.30 |
| Taxes, insurance & HOA | $344.58 | $344.58 | $344.58 |
| Total housing payment | $1,402.36 | $2,400.28 | $2,492.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,520
Closing costs & prepaids$11,460
Usable credit−$0
Total buyer cash needed$44,980
Earnest money paid−$0
Remaining funds due$44,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,350.00
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)$382.75
Initial HOA (3 months)$201.00
Prepaid interest, first (1 days)$21.40
Prepaid interest, second (1 days)$29.81
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 4.720%
Interest already paid$36,670Through Nov 2026
Assumption only · ends May 2052$143,331
Assumption + second · ends May 2052, second Dec 2056$366,582
New conventional · ends Dec 2056$457,215