Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,654/mo
Lowest payment- Down payment
- $100,543
- Funds due
- $114,637
- Interest + MI left
- $382,504
- First ends
- May 2052
Assumption
Assumption + second
$3,936/mo
+$282/mo- Down payment
- $65,543
- Funds due
- $80,939
- Interest + MI left
- $448,886
- First ends
- May 2052
New loan
New conventional
$4,503/mo
+$848/mo- Down payment
- $65,543
- Funds due
- $77,532
- Interest + MI left
- $854,573
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $549,457 | $549,457 | $584,457 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,800.00 | $2,800.00 | $3,959.32 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $427.73 | $427.73 | $116.89 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $3,654.40 | $3,936.02 | $4,502.87 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,543
Closing costs & prepaids$15,396
Usable credit−$0
Total buyer cash needed$80,939
Earnest money paid−$0
Remaining funds due$80,939
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,500.00
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)$780.00
Prepaid interest, first (6 days)$339.61
Prepaid interest, second (6 days)$51.78
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$99,597Through Dec 2026
Assumption only · ends May 2052$382,504
Assumption + second · ends May 2052, second Jan 2057$448,886
New conventional · ends Jan 2057$854,573