Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,287/mo
Lowest payment- Down payment
- $124,531
- Funds due
- $134,561
- Interest + MI left
- $84,561
- First ends
- May 2052
Assumption
Assumption + second
$2,084/mo
+$797/mo- Down payment
- $25,531
- Funds due
- $36,958
- Interest + MI left
- $272,328
- First ends
- May 2052
New loan
New conventional
$2,111/mo
+$824/mo- Down payment
- $25,531
- Funds due
- $33,691
- Interest + MI left
- $322,274
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $121,469 | $121,469 | $220,469 |
| Second mortgage | — | $99,000 | — |
| First P&I | $619.00 | $619.00 | $1,493.53 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $94.56 | $94.56 | $44.09 |
| Taxes, insurance & HOA | $573.42 | $573.42 | $573.42 |
| Total housing payment | $1,286.97 | $2,083.55 | $2,111.04 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,531
Closing costs & prepaids$11,427
Usable credit−$0
Total buyer cash needed$36,958
Earnest money paid−$0
Remaining funds due$36,958
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,460.00
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)$295.25
Initial HOA (3 months)$975.00
Prepaid interest, first (6 days)$75.08
Prepaid interest, second (6 days)$146.47
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$22,018Through Dec 2026
Assumption only · ends May 2052$84,561
Assumption + second · ends May 2052, second Jan 2057$272,328
New conventional · ends Jan 2057$322,274