Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,740/mo
Lowest payment- Down payment
- $147,643
- Funds due
- $160,469
- Interest + MI left
- $268,479
- First ends
- May 2052
Assumption
Assumption + second
$3,488/mo
+$748/mo- Down payment
- $54,643
- Funds due
- $68,765
- Interest + MI left
- $444,867
- First ends
- May 2052
New loan
New conventional
$3,910/mo
+$1,170/mo- Down payment
- $54,643
- Funds due
- $65,240
- Interest + MI left
- $734,005
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,055 | $391,055 | $484,055 |
| Second mortgage | — | $93,000 | — |
| First P&I | $1,973.96 | $1,973.96 | $3,351.50 |
| Second P&I | — | $748.30 | — |
| Mortgage insurance | $304.15 | $304.15 | $96.81 |
| Taxes, insurance & HOA | $461.67 | $461.67 | $461.67 |
| Total housing payment | $2,739.77 | $3,488.07 | $3,909.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,643
Closing costs & prepaids$14,122
Usable credit−$0
Total buyer cash needed$68,765
Earnest money paid−$0
Remaining funds due$68,765
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,386.98
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)$615.00
Initial HOA (3 months)$270.00
Prepaid interest, first (2 days)$79.07
Prepaid interest, second (2 days)$45.86
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 3.690%
Interest already paid$68,264Through Nov 2026
Assumption only · ends May 2052$268,479
Assumption + second · ends May 2052, second Dec 2056$444,867
New conventional · ends Dec 2056$734,005