Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,509/mo
Lowest payment- Down payment
- $138,468
- Funds due
- $152,813
- Interest + MI left
- $331,868
- First ends
- May 2052
Assumption
Assumption + second
$4,137/mo
+$628/mo- Down payment
- $60,468
- Funds due
- $76,082
- Interest + MI left
- $479,806
- First ends
- May 2052
New loan
New conventional
$4,613/mo
+$1,104/mo- Down payment
- $60,468
- Funds due
- $72,468
- Interest + MI left
- $816,720
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $460,532 | $460,532 | $538,532 |
| Second mortgage | — | $78,000 | — |
| First P&I | $2,375.13 | $2,375.13 | $3,728.69 |
| Second P&I | — | $627.61 | — |
| Mortgage insurance | $357.12 | $357.12 | $107.71 |
| Taxes, insurance & HOA | $776.83 | $776.83 | $776.83 |
| Total housing payment | $3,509.08 | $4,136.69 | $4,613.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,468
Closing costs & prepaids$15,614
Usable credit−$0
Total buyer cash needed$76,082
Earnest money paid−$0
Remaining funds due$76,082
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
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)$1,497.50
Initial HOA (3 months)$333.00
Prepaid interest, first (1 days)$49.08
Prepaid interest, second (1 days)$19.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$84,617Through Nov 2026
Assumption only · ends May 2052$331,868
Assumption + second · ends May 2052, second Dec 2056$479,806
New conventional · ends Dec 2056$816,720