Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,753/mo
Lowest payment- Down payment
- $43,029
- Funds due
- $55,264
- Interest + MI left
- $240,557
- First ends
- Nov 2052
Assumption
Assumption + second
$3,038/mo
+$285/mo- Down payment
- $15,029
- Funds due
- $28,569
- Interest + MI left
- $315,273
- First ends
- Nov 2052
New loan
New conventional
$3,034/mo
+$281/mo- Down payment
- $15,029
- Funds due
- $25,426
- Interest + MI left
- $403,483
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $246,971 | $246,971 | $274,971 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,450.34 | $1,450.34 | $1,862.75 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $186.67 | $186.67 | $54.99 |
| Taxes, insurance & HOA | $1,116.00 | $1,116.00 | $1,116.00 |
| Total housing payment | $2,753.01 | $3,038.33 | $3,033.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$15,029
Closing costs & prepaids$13,540
Usable credit−$0
Total buyer cash needed$28,569
Earnest money paid−$0
Remaining funds due$28,569
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,900.00
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)$348.00
Initial HOA (3 months)$2,550.00
Prepaid interest, first (6 days)$211.92
Prepaid interest, second (6 days)$54.66
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$54,505Through Dec 2026
Assumption only · ends Nov 2052$240,557
Assumption + second · ends Nov 2052, second Jan 2057$315,273
New conventional · ends Jan 2057$403,483