Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,665/mo
Lowest payment- Down payment
- $134,158
- Funds due
- $146,810
- Interest + MI left
- $251,100
- First ends
- May 2052
Assumption
Assumption + second
$3,341/mo
+$676/mo- Down payment
- $50,158
- Funds due
- $64,102
- Interest + MI left
- $410,418
- First ends
- May 2052
New loan
New conventional
$3,739/mo
+$1,073/mo- Down payment
- $50,158
- Funds due
- $60,617
- Interest + MI left
- $682,064
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,742 | $365,742 | $449,742 |
| Second mortgage | — | $84,000 | — |
| First P&I | $1,846.18 | $1,846.18 | $3,113.92 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $284.46 | $284.46 | $89.95 |
| Taxes, insurance & HOA | $534.83 | $534.83 | $534.83 |
| Total housing payment | $2,665.48 | $3,341.36 | $3,738.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,158
Closing costs & prepaids$13,944
Usable credit−$0
Total buyer cash needed$64,102
Earnest money paid−$0
Remaining funds due$64,102
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,999.00
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)$1,104.50
Prepaid interest, first (2 days)$73.95
Prepaid interest, second (2 days)$41.42
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$63,845Through Nov 2026
Assumption only · ends May 2052$251,100
Assumption + second · ends May 2052, second Dec 2056$410,418
New conventional · ends Dec 2056$682,064