Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,667/mo
Lowest payment- Down payment
- $88,913
- Funds due
- $98,997
- Interest + MI left
- $164,351
- First ends
- May 2052
Assumption
Assumption + second
$2,117/mo
+$451/mo- Down payment
- $32,913
- Funds due
- $44,372
- Interest + MI left
- $270,563
- First ends
- May 2052
New loan
New conventional
$2,317/mo
+$650/mo- Down payment
- $32,913
- Funds due
- $41,166
- Interest + MI left
- $427,080
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $236,087 | $236,087 | $292,087 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,203.08 | $1,203.08 | $1,978.70 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $183.79 | $183.79 | $58.42 |
| Taxes, insurance & HOA | $280.00 | $280.00 | $280.00 |
| Total housing payment | $1,666.87 | $2,117.46 | $2,317.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,913
Closing costs & prepaids$11,458
Usable credit−$0
Total buyer cash needed$44,372
Earnest money paid−$0
Remaining funds due$44,372
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$390.00
Prepaid interest, first (9 days)$218.88
Prepaid interest, second (9 days)$124.27
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 3.76%
Interest already paid$42,794Through Dec 2026
Assumption only · ends May 2052$164,351
Assumption + second · ends May 2052, second Jan 2057$270,563
New conventional · ends Jan 2057$427,080