Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,817/mo
Lowest payment- Down payment
- $51,808
- Funds due
- $63,199
- Interest + MI left
- $352,151
- First ends
- Jul 2052
Assumption
Assumption + second
$3,133/mo
+$316/mo- Down payment
- $20,808
- Funds due
- $33,510
- Interest + MI left
- $434,872
- First ends
- Jul 2052
New loan
New conventional
$3,133/mo
+$316/mo- Down payment
- $20,808
- Funds due
- $30,342
- Interest + MI left
- $578,501
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,191 | $363,191 | $394,191 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,156.78 | $2,156.78 | $2,670.39 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $276.04 | $276.04 | $78.84 |
| Taxes, insurance & HOA | $384.00 | $384.00 | $384.00 |
| Total housing payment | $2,816.82 | $3,132.71 | $3,133.23 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,808
Closing costs & prepaids$12,702
Usable credit−$0
Total buyer cash needed$33,510
Earnest money paid−$0
Remaining funds due$33,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,149.99
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)$498.00
Initial HOA (3 months)$204.00
Prepaid interest, first (6 days)$314.63
Prepaid interest, second (6 days)$60.51
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 5.27%
Interest already paid$87,799Through Dec 2026
Assumption only · ends Jul 2052$352,151
Assumption + second · ends Jul 2052, second Jan 2057$434,872
New conventional · ends Jan 2057$578,501