Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,082/mo
Lowest payment- Down payment
- $155,069
- Funds due
- $166,433
- Interest + MI left
- $205,989
- First ends
- May 2052
Assumption
Assumption + second
$2,889/mo
+$807/mo- Down payment
- $45,069
- Funds due
- $57,707
- Interest + MI left
- $386,559
- First ends
- May 2052
New loan
New conventional
$3,238/mo
+$1,155/mo- Down payment
- $45,069
- Funds due
- $54,234
- Interest + MI left
- $614,105
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,931 | $294,931 | $404,931 |
| Second mortgage | — | $110,000 | — |
| First P&I | $1,500.02 | $1,500.02 | $2,803.66 |
| Second P&I | — | $807.14 | — |
| Mortgage insurance | $229.15 | $229.15 | $80.99 |
| Taxes, insurance & HOA | $352.92 | $352.92 | $352.92 |
| Total housing payment | $2,082.08 | $2,889.22 | $3,237.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,069
Closing costs & prepaids$12,638
Usable credit−$0
Total buyer cash needed$57,707
Earnest money paid−$0
Remaining funds due$57,707
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$514.25
Initial HOA (3 months)$94.50
Prepaid interest, first (1 days)$30.38
Prepaid interest, second (1 days)$24.11
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$52,432Through Nov 2026
Assumption only · ends May 2052$205,989
Assumption + second · ends May 2052, second Dec 2056$386,559
New conventional · ends Dec 2056$614,105