Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,390/mo
Lowest payment- Down payment
- $61,356
- Funds due
- $72,266
- Interest + MI left
- $246,995
- First ends
- May 2052
Assumption
Assumption + second
$2,797/mo
+$408/mo- Down payment
- $21,356
- Funds due
- $33,529
- Interest + MI left
- $353,731
- First ends
- May 2052
New loan
New conventional
$3,120/mo
+$731/mo- Down payment
- $21,356
- Funds due
- $30,296
- Interest + MI left
- $599,035
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,644 | $353,644 | $393,644 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,798.63 | $1,798.63 | $2,725.51 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $274.76 | $274.76 | $78.73 |
| Taxes, insurance & HOA | $316.17 | $316.17 | $316.17 |
| Total housing payment | $2,389.56 | $2,797.16 | $3,120.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,356
Closing costs & prepaids$12,173
Usable credit−$0
Total buyer cash needed$33,529
Earnest money paid−$0
Remaining funds due$33,529
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$348.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$36.43
Prepaid interest, second (1 days)$13.01
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$62,870Through Nov 2026
Assumption only · ends May 2052$246,995
Assumption + second · ends May 2052, second Dec 2056$353,731
New conventional · ends Dec 2056$599,035