Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,982/mo
Lowest payment- Down payment
- $43,145
- Funds due
- $53,388
- Interest + MI left
- $179,086
- First ends
- May 2052
Assumption
Assumption + second
$2,268/mo
+$285/mo- Down payment
- $15,145
- Funds due
- $26,647
- Interest + MI left
- $253,801
- First ends
- May 2052
New loan
New conventional
$2,472/mo
+$489/mo- Down payment
- $15,145
- Funds due
- $23,466
- Interest + MI left
- $418,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,755 | $246,755 | $274,755 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,276.69 | $1,276.69 | $1,902.35 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $191.26 | $191.26 | $54.95 |
| Taxes, insurance & HOA | $514.25 | $514.25 | $514.25 |
| Total housing payment | $1,982.20 | $2,267.52 | $2,471.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,145
Closing costs & prepaids$11,502
Usable credit−$0
Total buyer cash needed$26,647
Earnest money paid−$0
Remaining funds due$26,647
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,899.00
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)$1,092.75
Prepaid interest, first (1 days)$26.50
Prepaid interest, second (1 days)$9.11
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 3.920%
Interest already paid$45,678Through Nov 2026
Assumption only · ends May 2052$179,086
Assumption + second · ends May 2052, second Dec 2056$253,801
New conventional · ends Dec 2056$418,113