Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $147,634
- Funds due
- $160,703
- Interest + MI left
- $283,587
- First ends
- May 2052
Assumption
Assumption + second
$3,522/mo
+$740/mo- Down payment
- $55,634
- Funds due
- $70,157
- Interest + MI left
- $458,078
- First ends
- May 2052
New loan
New conventional
$3,871/mo
+$1,090/mo- Down payment
- $55,634
- Funds due
- $66,853
- Interest + MI left
- $730,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,366 | $407,366 | $499,366 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,075.91 | $2,075.91 | $3,382.88 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $317.12 | $317.12 | $99.87 |
| Taxes, insurance & HOA | $388.67 | $388.67 | $388.67 |
| Total housing payment | $2,781.70 | $3,521.95 | $3,871.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,634
Closing costs & prepaids$14,523
Usable credit−$0
Total buyer cash needed$70,157
Earnest money paid−$0
Remaining funds due$70,157
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$666.00
Prepaid interest, first (9 days)$377.68
Prepaid interest, second (9 days)$204.16
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$73,841Through Dec 2026
Assumption only · ends May 2052$283,587
Assumption + second · ends May 2052, second Jan 2057$458,078
New conventional · ends Jan 2057$730,156