Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,904/mo
Lowest payment- Down payment
- $76,725
- Funds due
- $89,254
- Interest + MI left
- $298,554
- First ends
- Jun 2052
Assumption
Assumption + second
$3,121/mo
+$217/mo- Down payment
- $49,725
- Funds due
- $63,550
- Interest + MI left
- $349,763
- First ends
- Jun 2052
New loan
New conventional
$3,537/mo
+$633/mo- Down payment
- $49,725
- Funds due
- $60,261
- Interest + MI left
- $651,066
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,275 | $418,275 | $445,275 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,147.99 | $2,147.99 | $3,016.45 |
| Second P&I | — | $217.25 | — |
| Mortgage insurance | $324.54 | $324.54 | $89.06 |
| Taxes, insurance & HOA | $431.67 | $431.67 | $431.67 |
| Total housing payment | $2,904.20 | $3,121.44 | $3,537.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,725
Closing costs & prepaids$13,825
Usable credit−$0
Total buyer cash needed$63,550
Earnest money paid−$0
Remaining funds due$63,550
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,950.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$594.00
Initial HOA (3 months)$201.00
Prepaid interest, first (7 days)$308.84
Prepaid interest, second (7 days)$46.60
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 6 moOf the original 30-year loan at 3.85%
Interest already paid$76,087Through Dec 2026
Assumption only · ends Jun 2052$298,554
Assumption + second · ends Jun 2052, second Jan 2057$349,763
New conventional · ends Jan 2057$651,066