Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,697/mo
Lowest payment- Down payment
- $39,570
- Funds due
- $49,210
- Interest + MI left
- $167,953
- First ends
- May 2052
Assumption
Assumption + second
$1,951/mo
+$255/mo- Down payment
- $14,570
- Funds due
- $25,533
- Interest + MI left
- $234,663
- First ends
- May 2052
New loan
New conventional
$2,150/mo
+$453/mo- Down payment
- $14,570
- Funds due
- $22,520
- Interest + MI left
- $396,820
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $245,430 | $245,430 | $270,430 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,241.32 | $1,241.32 | $1,831.99 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $191.26 | $191.26 | $54.09 |
| Taxes, insurance & HOA | $264.00 | $264.00 | $264.00 |
| Total housing payment | $1,696.59 | $1,951.34 | $2,150.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,570
Closing costs & prepaids$10,964
Usable credit−$0
Total buyer cash needed$25,533
Earnest money paid−$0
Remaining funds due$25,533
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Prepaid interest, first (9 days)$223.31
Prepaid interest, second (9 days)$73.20
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$43,684Through Dec 2026
Assumption only · ends May 2052$167,953
Assumption + second · ends May 2052, second Jan 2057$234,663
New conventional · ends Jan 2057$396,820