Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,591/mo
Lowest payment- Down payment
- $93,711
- Funds due
- $104,124
- Interest + MI left
- $101,956
- First ends
- May 2052
Assumption
Assumption + second
$2,138/mo
+$547/mo- Down payment
- $25,711
- Funds due
- $37,441
- Interest + MI left
- $230,927
- First ends
- May 2052
New loan
New conventional
$2,264/mo
+$673/mo- Down payment
- $25,711
- Funds due
- $34,186
- Interest + MI left
- $331,165
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $161,189 | $161,189 | $229,189 |
| Second mortgage | — | $68,000 | — |
| First P&I | $788.31 | $788.31 | $1,541.77 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $126.22 | $126.22 | $45.84 |
| Taxes, insurance & HOA | $676.67 | $676.67 | $676.67 |
| Total housing payment | $1,591.20 | $2,138.34 | $2,264.27 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,711
Closing costs & prepaids$11,731
Usable credit−$0
Total buyer cash needed$37,441
Earnest money paid−$0
Remaining funds due$37,441
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,549.00
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)$650.00
Initial HOA (3 months)$930.00
Prepaid interest, first (4 days)$59.71
Prepaid interest, second (4 days)$67.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 3.38%
Interest already paid$26,346Through Dec 2026
Assumption only · ends May 2052$101,956
Assumption + second · ends May 2052, second Jan 2057$230,927
New conventional · ends Jan 2057$331,165