Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,392/mo
Lowest payment- Down payment
- $88,402
- Funds due
- $100,010
- Interest + MI left
- $211,630
- First ends
- May 2052
Assumption
Assumption + second
$2,794/mo
+$402/mo- Down payment
- $38,402
- Funds due
- $51,285
- Interest + MI left
- $306,462
- First ends
- May 2052
New loan
New conventional
$3,090/mo
+$699/mo- Down payment
- $38,402
- Funds due
- $47,902
- Interest + MI left
- $517,987
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $291,597 | $291,597 | $341,597 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,508.70 | $1,508.70 | $2,365.15 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $226.02 | $226.02 | $68.32 |
| Taxes, insurance & HOA | $656.92 | $656.92 | $656.92 |
| Total housing payment | $2,391.63 | $2,793.94 | $3,090.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,402
Closing costs & prepaids$12,883
Usable credit−$0
Total buyer cash needed$51,285
Earnest money paid−$0
Remaining funds due$51,285
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.99
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)$1,220.75
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$62.63
Prepaid interest, second (2 days)$24.66
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 3.920%
Interest already paid$53,978Through Nov 2026
Assumption only · ends May 2052$211,630
Assumption + second · ends May 2052, second Dec 2056$306,462
New conventional · ends Dec 2056$517,987