Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,845/mo
Lowest payment- Down payment
- $98,349
- Funds due
- $108,808
- Interest + MI left
- $174,139
- First ends
- May 2052
Assumption
Assumption + second
$2,360/mo
+$515/mo- Down payment
- $34,349
- Funds due
- $46,090
- Interest + MI left
- $295,524
- First ends
- May 2052
New loan
New conventional
$2,588/mo
+$744/mo- Down payment
- $34,349
- Funds due
- $42,738
- Interest + MI left
- $463,479
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $241,651 | $241,651 | $305,651 |
| Second mortgage | — | $64,000 | — |
| First P&I | $1,246.28 | $1,246.28 | $2,116.27 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $187.39 | $187.39 | $61.13 |
| Taxes, insurance & HOA | $411.08 | $411.08 | $411.08 |
| Total housing payment | $1,844.76 | $2,359.71 | $2,588.48 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,349
Closing costs & prepaids$11,741
Usable credit−$0
Total buyer cash needed$46,090
Earnest money paid−$0
Remaining funds due$46,090
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,400.00
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)$564.25
Initial HOA (3 months)$219.00
Prepaid interest, first (2 days)$51.51
Prepaid interest, second (2 days)$31.56
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 3.890%
Interest already paid$44,401Through Nov 2026
Assumption only · ends May 2052$174,139
Assumption + second · ends May 2052, second Dec 2056$295,524
New conventional · ends Dec 2056$463,479