Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,407/mo
Lowest payment- Down payment
- $236,125
- Funds due
- $247,553
- Interest + MI left
- $96,677
- First ends
- May 2052
Assumption
Assumption + second
$2,860/mo
+$1,453/mo- Down payment
- $38,125
- Funds due
- $51,194
- Interest + MI left
- $421,705
- First ends
- May 2052
New loan
New conventional
$2,941/mo
+$1,534/mo- Down payment
- $38,125
- Funds due
- $47,839
- Interest + MI left
- $492,500
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $138,875 | $138,875 | $336,875 |
| Second mortgage | — | $198,000 | — |
| First P&I | $707.70 | $707.70 | $2,282.11 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $108.11 | $108.11 | $67.38 |
| Taxes, insurance & HOA | $591.33 | $591.33 | $591.33 |
| Total housing payment | $1,407.14 | $2,859.99 | $2,940.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,125
Closing costs & prepaids$13,068
Usable credit−$0
Total buyer cash needed$51,194
Earnest money paid−$0
Remaining funds due$51,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$450.00
Initial HOA (3 months)$873.99
Prepaid interest, first (9 days)$128.75
Prepaid interest, second (9 days)$390.58
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$25,173Through Dec 2026
Assumption only · ends May 2052$96,677
Assumption + second · ends May 2052, second Jan 2057$421,705
New conventional · ends Jan 2057$492,500