Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,759/mo
Lowest payment- Down payment
- $47,044
- Funds due
- $58,328
- Interest + MI left
- $338,500
- First ends
- Jul 2052
Assumption
Assumption + second
$3,024/mo
+$265/mo- Down payment
- $21,044
- Funds due
- $33,629
- Interest + MI left
- $407,878
- First ends
- Jul 2052
New loan
New conventional
$3,100/mo
+$341/mo- Down payment
- $21,044
- Funds due
- $30,481
- Interest + MI left
- $578,156
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $367,956 | $367,956 | $393,956 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,126.45 | $2,126.45 | $2,668.80 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $280.58 | $280.58 | $78.79 |
| Taxes, insurance & HOA | $352.33 | $352.33 | $352.33 |
| Total housing payment | $2,759.37 | $3,024.31 | $3,099.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,044
Closing costs & prepaids$12,585
Usable credit−$0
Total buyer cash needed$33,629
Earnest money paid−$0
Remaining funds due$33,629
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$108.99
Prepaid interest, first (6 days)$302.43
Prepaid interest, second (6 days)$50.75
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%
Interest already paid$84,539Through Dec 2026
Assumption only · ends Jul 2052$338,500
Assumption + second · ends Jul 2052, second Jan 2057$407,878
New conventional · ends Jan 2057$578,156