Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,135/mo
Lowest payment- Down payment
- $114,575
- Funds due
- $125,733
- Interest + MI left
- $202,143
- First ends
- May 2052
Assumption
Assumption + second
$2,730/mo
+$595/mo- Down payment
- $40,575
- Funds due
- $53,001
- Interest + MI left
- $342,494
- First ends
- May 2052
New loan
New conventional
$3,027/mo
+$892/mo- Down payment
- $40,575
- Funds due
- $49,571
- Interest + MI left
- $551,158
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $289,425 | $289,425 | $363,425 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,472.01 | $1,472.01 | $2,516.28 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $224.87 | $224.87 | $72.69 |
| Taxes, insurance & HOA | $437.67 | $437.67 | $437.67 |
| Total housing payment | $2,134.54 | $2,729.96 | $3,026.63 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,575
Closing costs & prepaids$12,426
Usable credit−$0
Total buyer cash needed$53,001
Earnest money paid−$0
Remaining funds due$53,001
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,040.00
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)$533.00
Initial HOA (3 months)$330.00
Prepaid interest, first (1 days)$29.81
Prepaid interest, second (1 days)$18.25
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 3.760%
Interest already paid$51,453Through Nov 2026
Assumption only · ends May 2052$202,143
Assumption + second · ends May 2052, second Dec 2056$342,494
New conventional · ends Dec 2056$551,158