Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,402/mo
Lowest payment- Down payment
- $76,994
- Funds due
- $88,112
- Interest + MI left
- $257,558
- First ends
- Jul 2052
Assumption
Assumption + second
$2,732/mo
+$330/mo- Down payment
- $35,994
- Funds due
- $48,372
- Interest + MI left
- $335,321
- First ends
- Jul 2052
New loan
New conventional
$2,839/mo
+$436/mo- Down payment
- $35,994
- Funds due
- $44,978
- Interest + MI left
- $476,086
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,006 | $273,006 | $314,006 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,592.86 | $1,592.86 | $2,174.11 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $207.57 | $207.57 | $62.80 |
| Taxes, insurance & HOA | $601.67 | $601.67 | $601.67 |
| Total housing payment | $2,402.10 | $2,731.99 | $2,838.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,994
Closing costs & prepaids$12,378
Usable credit−$0
Total buyer cash needed$48,372
Earnest money paid−$0
Remaining funds due$48,372
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)$473.00
Initial HOA (3 months)$882.00
Prepaid interest, first (1 days)$38.22
Prepaid interest, second (1 days)$10.11
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 5.110%
Interest already paid$62,795Through Nov 2026
Assumption only · ends Jul 2052$257,558
Assumption + second · ends Jul 2052, second Dec 2056$335,321
New conventional · ends Dec 2056$476,086