Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,345/mo
Lowest payment- Down payment
- $138,683
- Funds due
- $155,400
- Interest + MI left
- $401,163
- First ends
- May 2052
Assumption
Assumption + second
$4,852/mo
+$507/mo- Down payment
- $75,683
- Funds due
- $93,682
- Interest + MI left
- $520,651
- First ends
- May 2052
New loan
New conventional
$5,645/mo
+$1,301/mo- Down payment
- $75,683
- Funds due
- $90,000
- Interest + MI left
- $1,022,646
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $611,316 | $611,316 | $674,316 |
| Second mortgage | — | $63,000 | — |
| First P&I | $3,026.17 | $3,026.17 | $4,668.83 |
| Second P&I | — | $506.91 | — |
| Mortgage insurance | $476.76 | $476.76 | $134.86 |
| Taxes, insurance & HOA | $841.67 | $841.67 | $841.67 |
| Total housing payment | $4,344.60 | $4,851.51 | $5,645.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,683
Closing costs & prepaids$17,999
Usable credit−$0
Total buyer cash needed$93,682
Earnest money paid−$0
Remaining funds due$93,682
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,499.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,875.00
Prepaid interest, first (2 days)$117.57
Prepaid interest, second (2 days)$31.07
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 3.510%
Interest already paid$101,653Through Nov 2026
Assumption only · ends May 2052$401,163
Assumption + second · ends May 2052, second Dec 2056$520,651
New conventional · ends Dec 2056$1,022,646