Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,074/mo
Lowest payment- Down payment
- $127,601
- Funds due
- $138,915
- Interest + MI left
- $204,463
- First ends
- May 2052
Assumption
Assumption + second
$2,766/mo
+$692/mo- Down payment
- $41,601
- Funds due
- $54,356
- Interest + MI left
- $367,574
- First ends
- May 2052
New loan
New conventional
$2,976/mo
+$902/mo- Down payment
- $41,601
- Funds due
- $51,087
- Interest + MI left
- $545,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,399 | $287,399 | $373,399 |
| Second mortgage | — | $86,000 | — |
| First P&I | $1,478.74 | $1,478.74 | $2,529.53 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $223.43 | $223.43 | $74.68 |
| Taxes, insurance & HOA | $372.00 | $372.00 | $372.00 |
| Total housing payment | $2,074.16 | $2,766.14 | $2,976.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,601
Closing costs & prepaids$12,755
Usable credit−$0
Total buyer cash needed$54,356
Earnest money paid−$0
Remaining funds due$54,356
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)$168.00
Prepaid interest, first (9 days)$272.83
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 3.85%
Interest already paid$53,304Through Dec 2026
Assumption only · ends May 2052$204,463
Assumption + second · ends May 2052, second Jan 2057$367,574
New conventional · ends Jan 2057$545,971