Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,983/mo
Lowest payment- Down payment
- $83,281
- Funds due
- $94,041
- Interest + MI left
- $169,385
- First ends
- May 2052
Assumption
Assumption + second
$2,385/mo
+$402/mo- Down payment
- $33,281
- Funds due
- $45,316
- Interest + MI left
- $264,217
- First ends
- May 2052
New loan
New conventional
$2,659/mo
+$676/mo- Down payment
- $33,281
- Funds due
- $41,979
- Interest + MI left
- $449,994
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,719 | $246,719 | $296,719 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,245.38 | $1,245.38 | $2,054.42 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $191.89 | $191.89 | $59.34 |
| Taxes, insurance & HOA | $545.25 | $545.25 | $545.25 |
| Total housing payment | $1,982.52 | $2,384.83 | $2,659.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$33,281
Closing costs & prepaids$12,035
Usable credit−$0
Total buyer cash needed$45,316
Earnest money paid−$0
Remaining funds due$45,316
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$1,185.75
Prepaid interest, first (2 days)$49.88
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 3.690%
Interest already paid$43,068Through Nov 2026
Assumption only · ends May 2052$169,385
Assumption + second · ends May 2052, second Dec 2056$264,217
New conventional · ends Dec 2056$449,994