Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,635/mo
Lowest payment- Down payment
- $117,169
- Funds due
- $127,242
- Interest + MI left
- $168,980
- First ends
- May 2052
Assumption
Assumption + second
$2,294/mo
+$660/mo- Down payment
- $35,169
- Funds due
- $46,533
- Interest + MI left
- $324,505
- First ends
- May 2052
New loan
New conventional
$2,492/mo
+$858/mo- Down payment
- $35,169
- Funds due
- $43,168
- Interest + MI left
- $477,462
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $232,831 | $232,831 | $314,831 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,204.65 | $1,204.65 | $2,179.83 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $180.47 | $180.47 | $62.97 |
| Taxes, insurance & HOA | $249.50 | $249.50 | $249.50 |
| Total housing payment | $1,634.62 | $2,294.41 | $2,492.29 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,169
Closing costs & prepaids$11,364
Usable credit−$0
Total buyer cash needed$46,533
Earnest money paid−$0
Remaining funds due$46,533
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)$298.50
Prepaid interest, first (2 days)$50.01
Prepaid interest, second (2 days)$40.44
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$43,100Through Nov 2026
Assumption only · ends May 2052$168,980
Assumption + second · ends May 2052, second Dec 2056$324,505
New conventional · ends Dec 2056$477,462