Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,417/mo
Lowest payment- Down payment
- $106,705
- Funds due
- $120,732
- Interest + MI left
- $314,261
- First ends
- May 2052
Assumption
Assumption + second
$3,747/mo
+$330/mo- Down payment
- $65,705
- Funds due
- $81,043
- Interest + MI left
- $392,024
- First ends
- May 2052
New loan
New conventional
$4,502/mo
+$1,085/mo- Down payment
- $65,705
- Funds due
- $77,693
- Interest + MI left
- $854,336
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $543,295 | $543,295 | $584,295 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,562.21 | $2,562.21 | $3,958.22 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $427.73 | $427.73 | $116.86 |
| Taxes, insurance & HOA | $426.67 | $426.67 | $426.67 |
| Total housing payment | $3,416.61 | $3,746.51 | $4,501.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$65,705
Closing costs & prepaids$15,338
Usable credit−$0
Total buyer cash needed$81,043
Earnest money paid−$0
Remaining funds due$81,043
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)$272.39
Prepaid interest, second (6 days)$60.66
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 3.05%
Interest already paid$80,357Through Dec 2026
Assumption only · ends May 2052$314,261
Assumption + second · ends May 2052, second Jan 2057$392,024
New conventional · ends Jan 2057$854,336