Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,810/mo
Lowest payment- Down payment
- $61,372
- Funds due
- $72,773
- Interest + MI left
- $359,374
- First ends
- Jul 2052
Assumption
Assumption + second
$3,208/mo
+$397/mo- Down payment
- $22,372
- Funds due
- $35,100
- Interest + MI left
- $463,442
- First ends
- Jul 2052
New loan
New conventional
$3,178/mo
+$367/mo- Down payment
- $22,372
- Funds due
- $31,909
- Interest + MI left
- $597,992
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $368,528 | $368,528 | $407,528 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,195.04 | $2,195.04 | $2,760.74 |
| Second P&I | — | $397.41 | — |
| Mortgage insurance | $279.99 | $279.99 | $81.51 |
| Taxes, insurance & HOA | $335.33 | $335.33 | $335.33 |
| Total housing payment | $2,810.37 | $3,207.78 | $3,177.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,372
Closing costs & prepaids$12,727
Usable credit−$0
Total buyer cash needed$35,100
Earnest money paid−$0
Remaining funds due$35,100
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$321.07
Prepaid interest, second (6 days)$76.13
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 5.3%
Interest already paid$89,579Through Dec 2026
Assumption only · ends Jul 2052$359,374
Assumption + second · ends Jul 2052, second Jan 2057$463,442
New conventional · ends Jan 2057$597,992