Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,122/mo
Lowest payment- Down payment
- $129,789
- Funds due
- $143,289
- Interest + MI left
- $296,978
- First ends
- May 2052
Assumption
Assumption + second
$3,718/mo
+$595/mo- Down payment
- $55,789
- Funds due
- $70,576
- Interest + MI left
- $437,329
- First ends
- May 2052
New loan
New conventional
$4,185/mo
+$1,063/mo- Down payment
- $55,789
- Funds due
- $67,046
- Interest + MI left
- $757,083
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,208 | $425,208 | $499,208 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,162.60 | $2,162.60 | $3,456.42 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $330.36 | $330.36 | $99.84 |
| Taxes, insurance & HOA | $629.17 | $629.17 | $629.17 |
| Total housing payment | $3,122.13 | $3,717.55 | $4,185.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,789
Closing costs & prepaids$14,787
Usable credit−$0
Total buyer cash needed$70,576
Earnest money paid−$0
Remaining funds due$70,576
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,549.97
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)$1,387.50
Prepaid interest, first (2 days)$87.60
Prepaid interest, second (2 days)$36.49
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 3.760%
Interest already paid$75,592Through Nov 2026
Assumption only · ends May 2052$296,978
Assumption + second · ends May 2052, second Dec 2056$437,329
New conventional · ends Dec 2056$757,083