Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,400/mo
Lowest payment- Down payment
- $128,553
- Funds due
- $138,623
- Interest + MI left
- $110,344
- First ends
- May 2052
Assumption
Assumption + second
$2,197/mo
+$797/mo- Down payment
- $29,553
- Funds due
- $40,898
- Interest + MI left
- $298,111
- First ends
- May 2052
New loan
New conventional
$2,334/mo
+$934/mo- Down payment
- $29,553
- Funds due
- $37,565
- Interest + MI left
- $402,568
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $166,447 | $166,447 | $265,447 |
| Second mortgage | — | $99,000 | — |
| First P&I | $827.55 | $827.55 | $1,837.90 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $129.73 | $129.73 | $53.09 |
| Taxes, insurance & HOA | $443.00 | $443.00 | $443.00 |
| Total housing payment | $1,400.28 | $2,196.85 | $2,333.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,553
Closing costs & prepaids$11,345
Usable credit−$0
Total buyer cash needed$40,898
Earnest money paid−$0
Remaining funds due$40,898
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,950.00
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)$879.00
Prepaid interest, first (1 days)$16.19
Prepaid interest, second (1 days)$24.41
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 3.550%
Interest already paid$27,984Through Nov 2026
Assumption only · ends May 2052$110,344
Assumption + second · ends May 2052, second Dec 2056$298,111
New conventional · ends Dec 2056$402,568