Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,149/mo
Lowest payment- Down payment
- $130,188
- Funds due
- $142,904
- Interest + MI left
- $395,382
- First ends
- Aug 2052
Assumption
Assumption + second
$3,760/mo
+$612/mo- Down payment
- $54,188
- Funds due
- $68,173
- Interest + MI left
- $539,526
- First ends
- Aug 2052
New loan
New conventional
$3,882/mo
+$733/mo- Down payment
- $54,188
- Funds due
- $64,602
- Interest + MI left
- $734,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $408,012 | $408,012 | $484,012 |
| Second mortgage | — | $76,000 | — |
| First P&I | $2,405.82 | $2,405.82 | $3,351.20 |
| Second P&I | — | $611.51 | — |
| Mortgage insurance | $309.30 | $309.30 | $96.80 |
| Taxes, insurance & HOA | $433.75 | $433.75 | $433.75 |
| Total housing payment | $3,148.87 | $3,760.38 | $3,881.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,188
Closing costs & prepaids$13,985
Usable credit−$0
Total buyer cash needed$68,173
Earnest money paid−$0
Remaining funds due$68,173
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,382.00
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)$423.25
Initial HOA (3 months)$378.00
Prepaid interest, first (1 days)$58.46
Prepaid interest, second (1 days)$18.74
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$94,054Through Nov 2026
Assumption only · ends Aug 2052$395,382
Assumption + second · ends Aug 2052, second Dec 2056$539,526
New conventional · ends Dec 2056$734,037