Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,305/mo
Lowest payment- Down payment
- $80,198
- Funds due
- $89,269
- Interest + MI left
- $132,494
- First ends
- May 2052
Assumption
Assumption + second
$1,731/mo
+$426/mo- Down payment
- $27,198
- Funds due
- $37,533
- Interest + MI left
- $233,016
- First ends
- May 2052
New loan
New conventional
$1,922/mo
+$617/mo- Down payment
- $27,198
- Funds due
- $34,227
- Interest + MI left
- $368,074
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,702 | $189,702 | $242,702 |
| Second mortgage | — | $53,000 | — |
| First P&I | $964.82 | $964.82 | $1,680.42 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $147.39 | $147.39 | $48.54 |
| Taxes, insurance & HOA | $192.75 | $192.75 | $192.75 |
| Total housing payment | $1,304.96 | $1,731.41 | $1,921.71 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$27,198
Closing costs & prepaids$10,335
Usable credit−$0
Total buyer cash needed$37,533
Earnest money paid−$0
Remaining funds due$37,533
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,699.00
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)$128.25
Prepaid interest, first (1 days)$19.54
Prepaid interest, second (1 days)$13.07
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$33,725Through Nov 2026
Assumption only · ends May 2052$132,494
Assumption + second · ends May 2052, second Dec 2056$233,016
New conventional · ends Dec 2056$368,074