Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,741/mo
Lowest payment- Down payment
- $124,716
- Funds due
- $137,584
- Interest + MI left
- $267,079
- First ends
- May 2052
Assumption
Assumption + second
$3,328/mo
+$587/mo- Down payment
- $51,716
- Funds due
- $65,996
- Interest + MI left
- $405,534
- First ends
- May 2052
New loan
New conventional
$3,694/mo
+$953/mo- Down payment
- $51,716
- Funds due
- $62,732
- Interest + MI left
- $677,398
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $390,284 | $390,284 | $463,284 |
| Second mortgage | — | $73,000 | — |
| First P&I | $1,973.96 | $1,973.96 | $3,138.45 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $304.15 | $304.15 | $92.66 |
| Taxes, insurance & HOA | $462.67 | $462.67 | $462.67 |
| Total housing payment | $2,740.77 | $3,328.15 | $3,693.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,716
Closing costs & prepaids$14,280
Usable credit−$0
Total buyer cash needed$65,996
Earnest money paid−$0
Remaining funds due$65,996
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,150.00
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)$618.00
Initial HOA (3 months)$270.00
Prepaid interest, first (9 days)$355.10
Prepaid interest, second (9 days)$162.00
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 3.69%
Interest already paid$69,466Through Dec 2026
Assumption only · ends May 2052$267,079
Assumption + second · ends May 2052, second Jan 2057$405,534
New conventional · ends Jan 2057$677,398