Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,945/mo
Lowest payment- Down payment
- $114,355
- Funds due
- $127,258
- Interest + MI left
- $303,204
- First ends
- May 2052
Assumption
Assumption + second
$3,420/mo
+$475/mo- Down payment
- $55,355
- Funds due
- $69,596
- Interest + MI left
- $415,106
- First ends
- May 2052
New loan
New conventional
$3,836/mo
+$891/mo- Down payment
- $55,355
- Funds due
- $66,219
- Interest + MI left
- $723,107
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $435,545 | $435,545 | $494,545 |
| Second mortgage | — | $59,000 | — |
| First P&I | $2,219.51 | $2,219.51 | $3,350.22 |
| Second P&I | — | $474.73 | — |
| Mortgage insurance | $339.06 | $339.06 | $98.91 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $2,945.23 | $3,419.96 | $3,835.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,355
Closing costs & prepaids$14,240
Usable credit−$0
Total buyer cash needed$69,596
Earnest money paid−$0
Remaining funds due$69,596
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,499.00
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)$660.00
Prepaid interest, first (6 days)$269.20
Prepaid interest, second (6 days)$87.29
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$78,949Through Dec 2026
Assumption only · ends May 2052$303,204
Assumption + second · ends May 2052, second Jan 2057$415,106
New conventional · ends Jan 2057$723,107