Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,251/mo
Lowest payment- Down payment
- $142,549
- Funds due
- $156,372
- Interest + MI left
- $335,857
- First ends
- May 2052
Assumption
Assumption + second
$3,894/mo
+$644/mo- Down payment
- $62,549
- Funds due
- $77,760
- Interest + MI left
- $487,588
- First ends
- May 2052
New loan
New conventional
$4,339/mo
+$1,089/mo- Down payment
- $62,549
- Funds due
- $74,373
- Interest + MI left
- $822,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $482,451 | $482,451 | $562,451 |
| Second mortgage | — | $80,000 | — |
| First P&I | $2,458.54 | $2,458.54 | $3,810.24 |
| Second P&I | — | $643.70 | — |
| Mortgage insurance | $375.57 | $375.57 | $112.49 |
| Taxes, insurance & HOA | $416.67 | $416.67 | $416.67 |
| Total housing payment | $3,250.77 | $3,894.47 | $4,339.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$62,549
Closing costs & prepaids$15,211
Usable credit−$0
Total buyer cash needed$77,760
Earnest money paid−$0
Remaining funds due$77,760
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Prepaid interest, first (7 days)$347.89
Prepaid interest, second (7 days)$138.08
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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$87,451Through Dec 2026
Assumption only · ends May 2052$335,857
Assumption + second · ends May 2052, second Jan 2057$487,588
New conventional · ends Jan 2057$822,396