Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,095/mo
Lowest payment- Down payment
- $127,047
- Funds due
- $138,180
- Interest + MI left
- $205,533
- First ends
- May 2052
Assumption
Assumption + second
$2,779/mo
+$684/mo- Down payment
- $42,047
- Funds due
- $54,451
- Interest + MI left
- $366,748
- First ends
- May 2052
New loan
New conventional
$3,050/mo
+$955/mo- Down payment
- $42,047
- Funds due
- $51,005
- Interest + MI left
- $565,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $287,953 | $287,953 | $372,953 |
| Second mortgage | — | $85,000 | — |
| First P&I | $1,478.74 | $1,478.74 | $2,582.25 |
| Second P&I | — | $683.93 | — |
| Mortgage insurance | $223.43 | $223.43 | $74.59 |
| Taxes, insurance & HOA | $392.75 | $392.75 | $392.75 |
| Total housing payment | $2,094.91 | $2,778.84 | $3,049.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,047
Closing costs & prepaids$12,405
Usable credit−$0
Total buyer cash needed$54,451
Earnest money paid−$0
Remaining funds due$54,451
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$560.25
Initial HOA (3 months)$168.00
Prepaid interest, first (1 days)$30.37
Prepaid interest, second (1 days)$20.96
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 3.850%
Interest already paid$52,380Through Nov 2026
Assumption only · ends May 2052$205,533
Assumption + second · ends May 2052, second Dec 2056$366,748
New conventional · ends Dec 2056$565,534