Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,603/mo
Lowest payment- Down payment
- $147,018
- Funds due
- $159,733
- Interest + MI left
- $241,593
- First ends
- May 2052
Assumption
Assumption + second
$3,400/mo
+$797/mo- Down payment
- $48,018
- Funds due
- $62,032
- Interest + MI left
- $429,361
- First ends
- May 2052
New loan
New conventional
$3,700/mo
+$1,096/mo- Down payment
- $48,018
- Funds due
- $58,556
- Interest + MI left
- $654,978
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $332,882 | $332,882 | $431,882 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,722.30 | $1,722.30 | $2,990.26 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $258.02 | $258.02 | $86.38 |
| Taxes, insurance & HOA | $623.00 | $623.00 | $623.00 |
| Total housing payment | $2,603.32 | $3,399.89 | $3,699.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,018
Closing costs & prepaids$14,013
Usable credit−$0
Total buyer cash needed$62,032
Earnest money paid−$0
Remaining funds due$62,032
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,799.00
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)$1,161.00
Initial HOA (3 months)$207.99
Prepaid interest, first (2 days)$71.50
Prepaid interest, second (2 days)$48.82
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 3.920%
Interest already paid$61,621Through Nov 2026
Assumption only · ends May 2052$241,593
Assumption + second · ends May 2052, second Dec 2056$429,361
New conventional · ends Dec 2056$654,978