Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,743/mo
Lowest payment- Down payment
- $202,287
- Funds due
- $215,591
- Interest + MI left
- $274,057
- First ends
- May 2052
Assumption
Assumption + second
$3,799/mo
+$1,057/mo- Down payment
- $58,287
- Funds due
- $72,872
- Interest + MI left
- $510,441
- First ends
- May 2052
New loan
New conventional
$4,212/mo
+$1,469/mo- Down payment
- $58,287
- Funds due
- $69,272
- Interest + MI left
- $791,061
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $377,613 | $377,613 | $521,613 |
| Second mortgage | — | $144,000 | — |
| First P&I | $1,953.73 | $1,953.73 | $3,611.54 |
| Second P&I | — | $1,056.62 | — |
| Mortgage insurance | $292.69 | $292.69 | $104.32 |
| Taxes, insurance & HOA | $496.17 | $496.17 | $496.17 |
| Total housing payment | $2,742.59 | $3,799.21 | $4,212.03 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,287
Closing costs & prepaids$14,585
Usable credit−$0
Total buyer cash needed$72,872
Earnest money paid−$0
Remaining funds due$72,872
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,799.00
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)$577.50
Initial HOA (3 months)$411.00
Prepaid interest, first (1 days)$40.55
Prepaid interest, second (1 days)$31.56
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 3.920%
Interest already paid$69,901Through Nov 2026
Assumption only · ends May 2052$274,057
Assumption + second · ends May 2052, second Dec 2056$510,441
New conventional · ends Dec 2056$791,061