Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,940/mo
Lowest payment- Down payment
- $136,965
- Funds due
- $148,282
- Interest + MI left
- $154,613
- First ends
- May 2052
Assumption
Assumption + second
$2,681/mo
+$741/mo- Down payment
- $35,965
- Funds due
- $48,554
- Interest + MI left
- $320,409
- First ends
- May 2052
New loan
New conventional
$2,910/mo
+$970/mo- Down payment
- $35,965
- Funds due
- $45,163
- Interest + MI left
- $476,130
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $213,035 | $213,035 | $314,035 |
| Second mortgage | — | $101,000 | — |
| First P&I | $1,102.22 | $1,102.22 | $2,174.31 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $165.13 | $165.13 | $62.81 |
| Taxes, insurance & HOA | $673.00 | $673.00 | $673.00 |
| Total housing payment | $1,940.34 | $2,681.45 | $2,910.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,965
Closing costs & prepaids$12,589
Usable credit−$0
Total buyer cash needed$48,554
Earnest money paid−$0
Remaining funds due$48,554
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$1,536.50
Initial HOA (3 months)$32.49
Prepaid interest, first (1 days)$22.88
Prepaid interest, second (1 days)$22.14
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$39,436Through Nov 2026
Assumption only · ends May 2052$154,613
Assumption + second · ends May 2052, second Dec 2056$320,409
New conventional · ends Dec 2056$476,130