Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,405/mo
Lowest payment- Down payment
- $159,800
- Funds due
- $170,059
- Interest + MI left
- $142,592
- First ends
- May 2052
Assumption
Assumption + second
$2,337/mo
+$932/mo- Down payment
- $32,800
- Funds due
- $44,559
- Interest + MI left
- $351,070
- First ends
- May 2052
New loan
New conventional
$2,385/mo
+$980/mo- Down payment
- $32,800
- Funds due
- $41,255
- Interest + MI left
- $427,245
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $165,200 | $165,200 | $292,200 |
| Second mortgage | — | $127,000 | — |
| First P&I | $930.93 | $930.93 | $1,979.46 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $126.85 | $126.85 | $58.44 |
| Taxes, insurance & HOA | $347.00 | $347.00 | $347.00 |
| Total housing payment | $1,404.78 | $2,336.66 | $2,384.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,800
Closing costs & prepaids$11,759
Usable credit−$0
Total buyer cash needed$44,559
Earnest money paid−$0
Remaining funds due$44,559
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$192.27
Prepaid interest, second (9 days)$250.52
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 4.72%
Interest already paid$37,321Through Dec 2026
Assumption only · ends May 2052$142,592
Assumption + second · ends May 2052, second Jan 2057$351,070
New conventional · ends Jan 2057$427,245