Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,118/mo
Lowest payment- Down payment
- $115,141
- Funds due
- $126,488
- Interest + MI left
- $201,089
- First ends
- May 2052
Assumption
Assumption + second
$2,714/mo
+$595/mo- Down payment
- $41,141
- Funds due
- $53,902
- Interest + MI left
- $341,440
- First ends
- May 2052
New loan
New conventional
$2,952/mo
+$834/mo- Down payment
- $41,141
- Funds due
- $50,652
- Interest + MI left
- $530,487
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,859 | $288,859 | $362,859 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,472.01 | $1,472.01 | $2,458.13 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $224.87 | $224.87 | $72.57 |
| Taxes, insurance & HOA | $421.58 | $421.58 | $421.58 |
| Total housing payment | $2,118.46 | $2,713.88 | $2,952.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,141
Closing costs & prepaids$12,762
Usable credit−$0
Total buyer cash needed$53,902
Earnest money paid−$0
Remaining funds due$53,902
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,040.00
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)$484.75
Initial HOA (3 months)$330.00
Prepaid interest, first (9 days)$267.81
Prepaid interest, second (9 days)$164.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 3.76%
Interest already paid$52,360Through Dec 2026
Assumption only · ends May 2052$201,089
Assumption + second · ends May 2052, second Jan 2057$341,440
New conventional · ends Jan 2057$530,487