Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,342/mo
Lowest payment- Down payment
- $60,240
- Funds due
- $69,223
- Interest + MI left
- $133,142
- First ends
- May 2052
Assumption
Assumption + second
$1,624/mo
+$282/mo- Down payment
- $25,240
- Funds due
- $35,481
- Interest + MI left
- $199,524
- First ends
- May 2052
New loan
New conventional
$1,812/mo
+$469/mo- Down payment
- $25,240
- Funds due
- $32,196
- Interest + MI left
- $333,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,760 | $184,760 | $219,760 |
| Second mortgage | — | $35,000 | — |
| First P&I | $952.88 | $952.88 | $1,521.57 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $143.27 | $143.27 | $43.95 |
| Taxes, insurance & HOA | $246.17 | $246.17 | $246.17 |
| Total housing payment | $1,342.32 | $1,623.93 | $1,811.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,240
Closing costs & prepaids$10,242
Usable credit−$0
Total buyer cash needed$35,481
Earnest money paid−$0
Remaining funds due$35,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$78.50
Initial HOA (3 months)$210.00
Prepaid interest, first (1 days)$19.69
Prepaid interest, second (1 days)$8.63
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 3.890%
Interest already paid$33,948Through Nov 2026
Assumption only · ends May 2052$133,142
Assumption + second · ends May 2052, second Dec 2056$199,524
New conventional · ends Dec 2056$333,193