Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,167/mo
Lowest payment- Down payment
- $37,742
- Funds due
- $46,364
- Interest + MI left
- $100,771
- First ends
- May 2052
Assumption
Assumption + second
$1,452/mo
+$285/mo- Down payment
- $9,742
- Funds due
- $19,659
- Interest + MI left
- $175,487
- First ends
- May 2052
New loan
New conventional
$1,530/mo
+$363/mo- Down payment
- $9,742
- Funds due
- $16,564
- Interest + MI left
- $257,168
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $147,258 | $147,258 | $175,258 |
| Second mortgage | — | $28,000 | — |
| First P&I | $744.79 | $744.79 | $1,187.26 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $114.76 | $114.76 | $35.05 |
| Taxes, insurance & HOA | $307.25 | $307.25 | $307.25 |
| Total housing payment | $1,166.80 | $1,452.12 | $1,529.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$9,742
Closing costs & prepaids$9,917
Usable credit−$0
Total buyer cash needed$19,659
Earnest money paid−$0
Remaining funds due$19,659
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$471.75
Prepaid interest, first (5 days)$74.44
Prepaid interest, second (5 days)$45.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 3.69%
Interest already paid$26,210Through Dec 2026
Assumption only · ends May 2052$100,771
Assumption + second · ends May 2052, second Jan 2057$175,487
New conventional · ends Jan 2057$257,168