Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,242/mo
Lowest payment- Down payment
- $124,027
- Funds due
- $136,983
- Interest + MI left
- $393,405
- First ends
- Aug 2052
Assumption
Assumption + second
$3,814/mo
+$571/mo- Down payment
- $53,027
- Funds due
- $67,251
- Interest + MI left
- $528,067
- First ends
- Aug 2052
New loan
New conventional
$3,939/mo
+$696/mo- Down payment
- $53,027
- Funds due
- $63,691
- Interest + MI left
- $723,362
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $405,973 | $405,973 | $476,973 |
| Second mortgage | — | $71,000 | — |
| First P&I | $2,393.79 | $2,393.79 | $3,302.46 |
| Second P&I | — | $571.28 | — |
| Mortgage insurance | $307.75 | $307.75 | $95.39 |
| Taxes, insurance & HOA | $540.83 | $540.83 | $540.83 |
| Total housing payment | $3,242.38 | $3,813.66 | $3,938.69 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,027
Closing costs & prepaids$14,223
Usable credit−$0
Total buyer cash needed$67,251
Earnest money paid−$0
Remaining funds due$67,251
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,300.00
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)$633.50
Initial HOA (3 months)$489.00
Prepaid interest, first (1 days)$58.17
Prepaid interest, second (1 days)$17.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 9 moOf the original 30-year loan at 5.230%
Interest already paid$93,584Through Nov 2026
Assumption only · ends Aug 2052$393,405
Assumption + second · ends Aug 2052, second Dec 2056$528,067
New conventional · ends Dec 2056$723,362