Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$723/mo
Lowest payment- Down payment
- $325,808
- Funds due
- $336,531
- Interest + MI left
- $48,484
- First ends
- Jul 2052
Assumption
Assumption + second
$2,772/mo
+$2,049/mo- Down payment
- $39,808
- Funds due
- $52,145
- Interest + MI left
- $500,102
- First ends
- Jul 2052
New loan
New conventional
$2,796/mo
+$2,072/mo- Down payment
- $39,808
- Funds due
- $48,709
- Interest + MI left
- $519,349
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $69,192 | $69,192 | $355,192 |
| Second mortgage | — | $286,000 | — |
| First P&I | $351.23 | $351.23 | $2,406.19 |
| Second P&I | — | $2,048.94 | — |
| Mortgage insurance | $53.65 | $53.65 | $71.04 |
| Taxes, insurance & HOA | $318.42 | $318.42 | $318.42 |
| Total housing payment | $723.30 | $2,772.24 | $2,795.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,808
Closing costs & prepaids$12,337
Usable credit−$0
Total buyer cash needed$52,145
Earnest money paid−$0
Remaining funds due$52,145
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$474.00
Initial HOA (3 months)$31.26
Prepaid interest, first (6 days)$42.77
Prepaid interest, second (6 days)$364.36
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 3.76%
Interest already paid$12,060Through Dec 2026
Assumption only · ends Jul 2052$48,484
Assumption + second · ends Jul 2052, second Jan 2057$500,102
New conventional · ends Jan 2057$519,349