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
- $203,008
- Funds due
- $216,753
- Interest + MI left
- $272,631
- First ends
- May 2052
Assumption
Assumption + second
$3,846/mo
+$1,064/mo- Down payment
- $58,008
- Funds due
- $73,289
- Interest + MI left
- $510,656
- First ends
- May 2052
New loan
New conventional
$4,176/mo
+$1,393/mo- Down payment
- $58,008
- Funds due
- $69,933
- Interest + MI left
- $763,092
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,892 | $376,892 | $521,892 |
| Second mortgage | — | $145,000 | — |
| First P&I | $1,953.73 | $1,953.73 | $3,535.48 |
| Second P&I | — | $1,063.96 | — |
| Mortgage insurance | $292.69 | $292.69 | $104.38 |
| Taxes, insurance & HOA | $535.67 | $535.67 | $535.67 |
| Total housing payment | $2,782.09 | $3,846.05 | $4,175.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,008
Closing costs & prepaids$15,281
Usable credit−$0
Total buyer cash needed$73,289
Earnest money paid−$0
Remaining funds due$73,289
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$696.00
Initial HOA (3 months)$411.00
Prepaid interest, first (9 days)$364.29
Prepaid interest, second (9 days)$286.03
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 3.92%
Interest already paid$71,135Through Dec 2026
Assumption only · ends May 2052$272,631
Assumption + second · ends May 2052, second Jan 2057$510,656
New conventional · ends Jan 2057$763,092