Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,466/mo
Lowest payment- Down payment
- $56,734
- Funds due
- $67,596
- Interest + MI left
- $300,788
- First ends
- Jul 2052
Assumption
Assumption + second
$2,843/mo
+$377/mo- Down payment
- $19,734
- Funds due
- $31,918
- Interest + MI left
- $399,519
- First ends
- Jul 2052
New loan
New conventional
$2,870/mo
+$404/mo- Down payment
- $19,734
- Funds due
- $28,761
- Interest + MI left
- $535,979
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $328,266 | $328,266 | $365,266 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,893.23 | $1,893.23 | $2,474.44 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $250.38 | $250.38 | $73.05 |
| Taxes, insurance & HOA | $322.75 | $322.75 | $322.75 |
| Total housing payment | $2,466.36 | $2,843.39 | $2,870.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,734
Closing costs & prepaids$12,184
Usable credit−$0
Total buyer cash needed$31,918
Earnest money paid−$0
Remaining funds due$31,918
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$56.25
Prepaid interest, first (6 days)$268.73
Prepaid interest, second (6 days)$72.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 4.98%
Interest already paid$75,129Through Dec 2026
Assumption only · ends Jul 2052$300,788
Assumption + second · ends Jul 2052, second Jan 2057$399,519
New conventional · ends Jan 2057$535,979