Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,342/mo
Lowest payment- Down payment
- $52,998
- Funds due
- $63,906
- Interest + MI left
- $240,868
- First ends
- May 2052
Assumption
Assumption + second
$2,678/mo
+$336/mo- Down payment
- $19,998
- Funds due
- $32,220
- Interest + MI left
- $328,926
- First ends
- May 2052
New loan
New conventional
$2,953/mo
+$611/mo- Down payment
- $19,998
- Funds due
- $29,139
- Interest + MI left
- $556,210
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,002 | $346,002 | $379,002 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,763.20 | $1,763.20 | $2,567.49 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $269.35 | $269.35 | $75.80 |
| Taxes, insurance & HOA | $309.58 | $309.58 | $309.58 |
| Total housing payment | $2,342.14 | $2,678.41 | $2,952.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,998
Closing costs & prepaids$12,222
Usable credit−$0
Total buyer cash needed$32,220
Earnest money paid−$0
Remaining funds due$32,220
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Prepaid interest, first (6 days)$213.86
Prepaid interest, second (6 days)$64.42
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$62,718Through Dec 2026
Assumption only · ends May 2052$240,868
Assumption + second · ends May 2052, second Jan 2057$328,926
New conventional · ends Jan 2057$556,210