Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,426/mo
Lowest payment- Down payment
- $235,854
- Funds due
- $247,237
- Interest + MI left
- $97,184
- First ends
- May 2052
Assumption
Assumption + second
$2,879/mo
+$1,453/mo- Down payment
- $37,854
- Funds due
- $50,574
- Interest + MI left
- $422,211
- First ends
- May 2052
New loan
New conventional
$3,012/mo
+$1,586/mo- Down payment
- $37,854
- Funds due
- $47,167
- Interest + MI left
- $511,305
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $139,146 | $139,146 | $337,146 |
| Second mortgage | — | $198,000 | — |
| First P&I | $707.70 | $707.70 | $2,334.33 |
| Second P&I | — | $1,452.85 | — |
| Mortgage insurance | $108.11 | $108.11 | $67.43 |
| Taxes, insurance & HOA | $610.08 | $610.08 | $610.08 |
| Total housing payment | $1,425.89 | $2,878.74 | $3,011.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,854
Closing costs & prepaids$12,721
Usable credit−$0
Total buyer cash needed$50,574
Earnest money paid−$0
Remaining funds due$50,574
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)$506.25
Initial HOA (3 months)$873.99
Prepaid interest, first (2 days)$28.67
Prepaid interest, second (2 days)$86.79
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 6 moOf the original 30-year loan at 3.760%
Interest already paid$24,737Through Nov 2026
Assumption only · ends May 2052$97,184
Assumption + second · ends May 2052, second Dec 2056$422,211
New conventional · ends Dec 2056$511,305