Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,062/mo
Lowest payment- Down payment
- $122,824
- Funds due
- $136,079
- Interest + MI left
- $311,301
- First ends
- May 2052
Assumption
Assumption + second
$3,585/mo
+$523/mo- Down payment
- $57,824
- Funds due
- $72,425
- Interest + MI left
- $434,583
- First ends
- May 2052
New loan
New conventional
$4,007/mo
+$945/mo- Down payment
- $57,824
- Funds due
- $69,029
- Interest + MI left
- $748,886
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $447,176 | $447,176 | $512,176 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,278.78 | $2,278.78 | $3,469.66 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $348.11 | $348.11 | $102.44 |
| Taxes, insurance & HOA | $434.67 | $434.67 | $434.67 |
| Total housing payment | $3,061.56 | $3,584.56 | $4,006.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,824
Closing costs & prepaids$14,602
Usable credit−$0
Total buyer cash needed$72,425
Earnest money paid−$0
Remaining funds due$72,425
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,700.00
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)$684.00
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$276.39
Prepaid interest, second (6 days)$96.16
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5 moOf the original 30-year loan at 3.76%
Interest already paid$81,057Through Dec 2026
Assumption only · ends May 2052$311,301
Assumption + second · ends May 2052, second Jan 2057$434,583
New conventional · ends Jan 2057$748,886