Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,510/mo
Lowest payment- Down payment
- $45,720
- Funds due
- $57,112
- Interest + MI left
- $246,527
- First ends
- May 2052
Assumption
Assumption + second
$2,765/mo
+$255/mo- Down payment
- $20,720
- Funds due
- $33,435
- Interest + MI left
- $313,237
- First ends
- May 2052
New loan
New conventional
$3,074/mo
+$564/mo- Down payment
- $20,720
- Funds due
- $30,447
- Interest + MI left
- $556,322
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,130 | $354,130 | $379,130 |
| Second mortgage | — | $25,000 | — |
| First P&I | $1,804.62 | $1,804.62 | $2,568.36 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $275.68 | $275.68 | $75.83 |
| Taxes, insurance & HOA | $429.92 | $429.92 | $429.92 |
| Total housing payment | $2,510.22 | $2,764.97 | $3,074.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,720
Closing costs & prepaids$12,715
Usable credit−$0
Total buyer cash needed$33,435
Earnest money paid−$0
Remaining funds due$33,435
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,998.50
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)$479.75
Initial HOA (3 months)$360.00
Prepaid interest, first (9 days)$328.32
Prepaid interest, second (9 days)$73.20
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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$64,191Through Dec 2026
Assumption only · ends May 2052$246,527
Assumption + second · ends May 2052, second Jan 2057$313,237
New conventional · ends Jan 2057$556,322