Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,085/mo
Lowest payment- Down payment
- $70,107
- Funds due
- $83,118
- Interest + MI left
- $272,309
- First ends
- May 2052
Assumption
Assumption + second
$3,564/mo
+$479/mo- Down payment
- $23,107
- Funds due
- $37,384
- Interest + MI left
- $397,724
- First ends
- May 2052
New loan
New conventional
$3,911/mo
+$826/mo- Down payment
- $23,107
- Funds due
- $34,136
- Interest + MI left
- $664,929
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $389,888 | $389,888 | $436,888 |
| Second mortgage | — | $47,000 | — |
| First P&I | $1,982.96 | $1,982.96 | $3,024.92 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $302.92 | $302.92 | $87.38 |
| Taxes, insurance & HOA | $798.75 | $798.75 | $798.75 |
| Total housing payment | $3,084.63 | $3,563.56 | $3,911.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,107
Closing costs & prepaids$14,277
Usable credit−$0
Total buyer cash needed$37,384
Earnest money paid−$0
Remaining funds due$37,384
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,599.95
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)$1,514.25
Initial HOA (3 months)$381.99
Prepaid interest, first (1 days)$40.16
Prepaid interest, second (1 days)$15.29
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 3.760%
Interest already paid$69,313Through Nov 2026
Assumption only · ends May 2052$272,309
Assumption + second · ends May 2052, second Dec 2056$397,724
New conventional · ends Dec 2056$664,929