Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,690/mo
Lowest payment- Down payment
- $140,353
- Funds due
- $152,778
- Interest + MI left
- $286,110
- First ends
- May 2052
Assumption
Assumption + second
$3,374/mo
+$684/mo- Down payment
- $55,353
- Funds due
- $69,070
- Interest + MI left
- $447,324
- First ends
- May 2052
New loan
New conventional
$3,812/mo
+$1,122/mo- Down payment
- $55,353
- Funds due
- $65,541
- Interest + MI left
- $750,165
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $409,647 | $409,647 | $494,647 |
| Second mortgage | — | $85,000 | — |
| First P&I | $2,083.46 | $2,083.46 | $3,424.84 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $318.27 | $318.27 | $98.93 |
| Taxes, insurance & HOA | $288.67 | $288.67 | $288.67 |
| Total housing payment | $2,690.40 | $3,374.33 | $3,812.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,353
Closing costs & prepaids$13,717
Usable credit−$0
Total buyer cash needed$69,070
Earnest money paid−$0
Remaining funds due$69,070
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$366.00
Prepaid interest, first (2 days)$84.40
Prepaid interest, second (2 days)$41.92
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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$72,826Through Nov 2026
Assumption only · ends May 2052$286,110
Assumption + second · ends May 2052, second Dec 2056$447,324
New conventional · ends Dec 2056$750,165