Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,579/mo
Lowest payment- Down payment
- $80,682
- Funds due
- $92,505
- Interest + MI left
- $259,286
- First ends
- Jul 2052
Assumption
Assumption + second
$2,917/mo
+$338/mo- Down payment
- $38,682
- Funds due
- $51,817
- Interest + MI left
- $338,945
- First ends
- Jul 2052
New loan
New conventional
$3,049/mo
+$470/mo- Down payment
- $38,682
- Funds due
- $48,489
- Interest + MI left
- $497,533
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,318 | $298,318 | $340,318 |
| Second mortgage | — | $42,000 | — |
| First P&I | $1,675.41 | $1,675.41 | $2,305.43 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $228.29 | $228.29 | $68.06 |
| Taxes, insurance & HOA | $675.58 | $675.58 | $675.58 |
| Total housing payment | $2,579.28 | $2,917.23 | $3,049.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,682
Closing costs & prepaids$13,135
Usable credit−$0
Total buyer cash needed$51,817
Earnest money paid−$0
Remaining funds due$51,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$1,122.00
Prepaid interest, first (6 days)$231.46
Prepaid interest, second (6 days)$62.14
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 4.72%
Interest already paid$64,822Through Dec 2026
Assumption only · ends Jul 2052$259,286
Assumption + second · ends Jul 2052, second Jan 2057$338,945
New conventional · ends Jan 2057$497,533