Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,265/mo
Lowest payment- Down payment
- $202,058
- Funds due
- $212,726
- Interest + MI left
- $86,777
- First ends
- May 2052
Assumption
Assumption + second
$2,491/mo
+$1,225/mo- Down payment
- $35,058
- Funds due
- $47,122
- Interest + MI left
- $360,916
- First ends
- May 2052
New loan
New conventional
$2,629/mo
+$1,364/mo- Down payment
- $35,058
- Funds due
- $43,770
- Interest + MI left
- $455,073
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,942 | $147,942 | $314,942 |
| Second mortgage | — | $167,000 | — |
| First P&I | $701.58 | $701.58 | $2,118.63 |
| Second P&I | — | $1,225.39 | — |
| Mortgage insurance | $116.38 | $116.38 | $62.99 |
| Taxes, insurance & HOA | $447.50 | $447.50 | $447.50 |
| Total housing payment | $1,265.46 | $2,490.84 | $2,629.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,058
Closing costs & prepaids$12,064
Usable credit−$0
Total buyer cash needed$47,122
Earnest money paid−$0
Remaining funds due$47,122
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$892.50
Prepaid interest, first (4 days)$50.26
Prepaid interest, second (4 days)$146.41
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 3.1%
Interest already paid$22,231Through Dec 2026
Assumption only · ends May 2052$86,777
Assumption + second · ends May 2052, second Jan 2057$360,916
New conventional · ends Jan 2057$455,073