Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,439/mo
Lowest payment- Down payment
- $62,047
- Funds due
- $73,397
- Interest + MI left
- $245,708
- First ends
- May 2052
Assumption
Assumption + second
$2,857/mo
+$418/mo- Down payment
- $21,047
- Funds due
- $33,767
- Interest + MI left
- $355,112
- First ends
- May 2052
New loan
New conventional
$3,114/mo
+$674/mo- Down payment
- $21,047
- Funds due
- $30,757
- Interest + MI left
- $578,152
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $352,953 | $352,953 | $393,953 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,798.63 | $1,798.63 | $2,668.77 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $274.76 | $274.76 | $78.79 |
| Taxes, insurance & HOA | $366.00 | $366.00 | $366.00 |
| Total housing payment | $2,439.39 | $2,857.18 | $3,113.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,047
Closing costs & prepaids$12,720
Usable credit−$0
Total buyer cash needed$33,767
Earnest money paid−$0
Remaining funds due$33,767
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)$498.00
Initial HOA (3 months)$150.00
Prepaid interest, first (9 days)$327.23
Prepaid interest, second (9 days)$120.05
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$63,978Through Dec 2026
Assumption only · ends May 2052$245,708
Assumption + second · ends May 2052, second Jan 2057$355,112
New conventional · ends Jan 2057$578,152