Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,211/mo
Lowest payment- Down payment
- $72,049
- Funds due
- $84,441
- Interest + MI left
- $384,310
- First ends
- Jul 2052
Assumption
Assumption + second
$3,690/mo
+$479/mo- Down payment
- $25,049
- Funds due
- $38,706
- Interest + MI left
- $509,725
- First ends
- Jul 2052
New loan
New conventional
$3,799/mo
+$587/mo- Down payment
- $25,049
- Funds due
- $35,428
- Interest + MI left
- $707,547
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,951 | $417,951 | $464,951 |
| Second mortgage | — | $47,000 | — |
| First P&I | $2,406.60 | $2,406.60 | $3,219.23 |
| Second P&I | — | $478.93 | — |
| Mortgage insurance | $318.27 | $318.27 | $92.99 |
| Taxes, insurance & HOA | $486.58 | $486.58 | $486.58 |
| Total housing payment | $3,211.46 | $3,690.39 | $3,798.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,049
Closing costs & prepaids$13,657
Usable credit−$0
Total buyer cash needed$38,706
Earnest money paid−$0
Remaining funds due$38,706
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$563.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$57.02
Prepaid interest, second (1 days)$15.29
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 8 moOf the original 30-year loan at 4.980%
Interest already paid$93,766Through Nov 2026
Assumption only · ends Jul 2052$384,310
Assumption + second · ends Jul 2052, second Dec 2056$509,725
New conventional · ends Dec 2056$707,547