Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,131/mo
Lowest payment- Down payment
- $68,402
- Funds due
- $80,754
- Interest + MI left
- $395,754
- First ends
- Aug 2052
Assumption
Assumption + second
$3,365/mo
+$233/mo- Down payment
- $39,402
- Funds due
- $53,054
- Interest + MI left
- $450,757
- First ends
- Aug 2052
New loan
New conventional
$3,187/mo
+$56/mo- Down payment
- $39,402
- Funds due
- $49,614
- Interest + MI left
- $508,907
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,098 | $319,098 | $348,098 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,221.53 | $2,221.53 | $2,358.14 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $150.70 | $150.70 | $69.62 |
| Taxes, insurance & HOA | $759.00 | $759.00 | $759.00 |
| Total housing payment | $3,131.23 | $3,364.57 | $3,186.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,402
Closing costs & prepaids$13,652
Usable credit−$0
Total buyer cash needed$53,054
Earnest money paid−$0
Remaining funds due$53,054
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,875.00
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)$465.00
Initial HOA (3 months)$1,362.00
Prepaid interest, first (7 days)$424.71
Prepaid interest, second (7 days)$50.05
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 28-year loan at 6.94%
Interest already paid$52,507Through Dec 2026
Assumption only · ends Aug 2052$395,754
Assumption + second · ends Aug 2052, second Jan 2057$450,757
New conventional · ends Jan 2057$508,907