Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,375/mo
Lowest payment- Down payment
- $294,736
- Funds due
- $311,055
- Interest + MI left
- $255,352
- First ends
- May 2052
Assumption
Assumption + second
$4,987/mo
+$1,612/mo- Down payment
- $69,736
- Funds due
- $87,401
- Interest + MI left
- $610,646
- First ends
- May 2052
New loan
New conventional
$5,542/mo
+$2,166/mo- Down payment
- $69,736
- Funds due
- $83,735
- Interest + MI left
- $940,396
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $395,164 | $395,164 | $620,164 |
| Second mortgage | — | $225,000 | — |
| First P&I | $1,943.41 | $1,943.41 | $4,293.89 |
| Second P&I | — | $1,611.93 | — |
| Mortgage insurance | $308.47 | $308.47 | $124.03 |
| Taxes, insurance & HOA | $1,123.58 | $1,123.58 | $1,123.58 |
| Total housing payment | $3,375.47 | $4,987.39 | $5,541.51 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,736
Closing costs & prepaids$17,665
Usable credit−$0
Total buyer cash needed$87,401
Earnest money paid−$0
Remaining funds due$87,401
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,899.00
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)$1,724.75
Initial HOA (3 months)$1,146.00
Prepaid interest, first (2 days)$74.70
Prepaid interest, second (2 days)$95.55
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 3.450%
Interest already paid$64,618Through Nov 2026
Assumption only · ends May 2052$255,352
Assumption + second · ends May 2052, second Dec 2056$610,646
New conventional · ends Dec 2056$940,396