Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,414/mo
Lowest payment- Down payment
- $60,594
- Funds due
- $69,949
- Interest + MI left
- $132,449
- First ends
- May 2052
Assumption
Assumption + second
$1,704/mo
+$290/mo- Down payment
- $24,594
- Funds due
- $35,279
- Interest + MI left
- $200,728
- First ends
- May 2052
New loan
New conventional
$1,855/mo
+$441/mo- Down payment
- $24,594
- Funds due
- $32,117
- Interest + MI left
- $322,270
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $184,406 | $184,406 | $220,406 |
| Second mortgage | — | $36,000 | — |
| First P&I | $952.88 | $952.88 | $1,493.11 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $143.27 | $143.27 | $44.08 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $1,414.15 | $1,703.81 | $1,855.19 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,594
Closing costs & prepaids$10,686
Usable credit−$0
Total buyer cash needed$35,279
Earnest money paid−$0
Remaining funds due$35,279
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,450.00
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)$294.00
Initial HOA (3 months)$210.00
Prepaid interest, first (9 days)$176.88
Prepaid interest, second (9 days)$79.89
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 3.89%
Interest already paid$34,547Through Dec 2026
Assumption only · ends May 2052$132,449
Assumption + second · ends May 2052, second Jan 2057$200,728
New conventional · ends Jan 2057$322,270