Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,793/mo
Lowest payment- Down payment
- $98,811
- Funds due
- $109,295
- Interest + MI left
- $173,232
- First ends
- May 2052
Assumption
Assumption + second
$2,308/mo
+$515/mo- Down payment
- $34,811
- Funds due
- $46,687
- Interest + MI left
- $294,617
- First ends
- May 2052
New loan
New conventional
$2,487/mo
+$695/mo- Down payment
- $34,811
- Funds due
- $43,455
- Interest + MI left
- $446,176
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,189 | $241,189 | $305,189 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,246.28 | $1,246.28 | $2,067.46 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $187.39 | $187.39 | $61.04 |
| Taxes, insurance & HOA | $359.00 | $359.00 | $359.00 |
| Total housing payment | $1,792.67 | $2,307.63 | $2,487.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,811
Closing costs & prepaids$11,875
Usable credit−$0
Total buyer cash needed$46,687
Earnest money paid−$0
Remaining funds due$46,687
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$408.00
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$231.34
Prepaid interest, second (9 days)$142.03
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 3.89%
Interest already paid$45,184Through Dec 2026
Assumption only · ends May 2052$173,232
Assumption + second · ends May 2052, second Jan 2057$294,617
New conventional · ends Jan 2057$446,176