Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,528/mo
Lowest payment- Down payment
- $174,544
- Funds due
- $189,244
- Interest + MI left
- $342,550
- First ends
- May 2052
Assumption
Assumption + second
$4,328/mo
+$800/mo- Down payment
- $65,544
- Funds due
- $81,542
- Interest + MI left
- $521,480
- First ends
- May 2052
New loan
New conventional
$4,871/mo
+$1,343/mo- Down payment
- $65,544
- Funds due
- $77,924
- Interest + MI left
- $886,215
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $475,356 | $475,356 | $584,356 |
| Second mortgage | — | $109,000 | — |
| First P&I | $2,451.58 | $2,451.58 | $4,045.96 |
| Second P&I | — | $799.80 | — |
| Mortgage insurance | $368.62 | $368.62 | $116.87 |
| Taxes, insurance & HOA | $708.25 | $708.25 | $708.25 |
| Total housing payment | $3,528.45 | $4,328.25 | $4,871.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,544
Closing costs & prepaids$15,998
Usable credit−$0
Total buyer cash needed$81,542
Earnest money paid−$0
Remaining funds due$81,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,499.00
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)$1,624.75
Prepaid interest, first (2 days)$101.32
Prepaid interest, second (2 days)$47.78
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 3.890%
Interest already paid$87,341Through Nov 2026
Assumption only · ends May 2052$342,550
Assumption + second · ends May 2052, second Dec 2056$521,480
New conventional · ends Dec 2056$886,215