Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,850/mo
Lowest payment- Down payment
- $62,439
- Funds due
- $72,407
- Interest + MI left
- $183,477
- First ends
- Apr 2052
Assumption
Assumption + second
$2,084/mo
+$233/mo- Down payment
- $33,439
- Funds due
- $44,664
- Interest + MI left
- $238,480
- First ends
- Apr 2052
New loan
New conventional
$2,386/mo
+$536/mo- Down payment
- $33,439
- Funds due
- $41,305
- Interest + MI left
- $443,628
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,560 | $263,560 | $292,560 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,343.09 | $1,343.09 | $2,025.63 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $205.17 | $205.17 | $58.51 |
| Taxes, insurance & HOA | $302.17 | $302.17 | $302.17 |
| Total housing payment | $1,850.43 | $2,083.77 | $2,386.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,439
Closing costs & prepaids$11,226
Usable credit−$0
Total buyer cash needed$44,664
Earnest money paid−$0
Remaining funds due$44,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,259.99
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$456.50
Prepaid interest, first (1 days)$27.15
Prepaid interest, second (1 days)$7.15
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 5 moOf the original 30-year loan at 3.760%
Interest already paid$47,774Through Nov 2026
Assumption only · ends Apr 2052$183,477
Assumption + second · ends Apr 2052, second Dec 2056$238,480
New conventional · ends Dec 2056$443,628