Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,788/mo
Lowest payment- Down payment
- $141,153
- Funds due
- $154,167
- Interest + MI left
- $284,618
- First ends
- May 2052
Assumption
Assumption + second
$3,480/mo
+$692/mo- Down payment
- $55,153
- Funds due
- $69,608
- Interest + MI left
- $447,729
- First ends
- May 2052
New loan
New conventional
$3,838/mo
+$1,050/mo- Down payment
- $55,153
- Funds due
- $66,313
- Interest + MI left
- $723,548
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,847 | $408,847 | $494,847 |
| Second mortgage | — | $86,000 | — |
| First P&I | $2,083.46 | $2,083.46 | $3,352.27 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $318.27 | $318.27 | $98.97 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,788.40 | $3,480.37 | $3,837.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,153
Closing costs & prepaids$14,455
Usable credit−$0
Total buyer cash needed$69,608
Earnest money paid−$0
Remaining funds due$69,608
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (9 days)$379.05
Prepaid interest, second (9 days)$190.85
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$74,109Through Dec 2026
Assumption only · ends May 2052$284,618
Assumption + second · ends May 2052, second Jan 2057$447,729
New conventional · ends Jan 2057$723,548