Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,671/mo
Lowest payment- Down payment
- $146,837
- Funds due
- $159,239
- Interest + MI left
- $285,073
- First ends
- May 2052
Assumption
Assumption + second
$3,404/mo
+$732/mo- Down payment
- $55,837
- Funds due
- $69,512
- Interest + MI left
- $457,667
- First ends
- May 2052
New loan
New conventional
$3,834/mo
+$1,163/mo- Down payment
- $55,837
- Funds due
- $65,940
- Interest + MI left
- $757,014
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,163 | $408,163 | $499,163 |
| Second mortgage | — | $91,000 | — |
| First P&I | $2,075.91 | $2,075.91 | $3,456.10 |
| Second P&I | — | $732.21 | — |
| Mortgage insurance | $317.12 | $317.12 | $99.83 |
| Taxes, insurance & HOA | $278.42 | $278.42 | $278.42 |
| Total housing payment | $2,671.45 | $3,403.65 | $3,834.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,837
Closing costs & prepaids$13,675
Usable credit−$0
Total buyer cash needed$69,512
Earnest money paid−$0
Remaining funds due$69,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,550.00
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)$335.25
Prepaid interest, first (1 days)$42.05
Prepaid interest, second (1 days)$22.44
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$72,562Through Nov 2026
Assumption only · ends May 2052$285,073
Assumption + second · ends May 2052, second Dec 2056$457,667
New conventional · ends Dec 2056$757,014