Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,559/mo
Lowest payment- Down payment
- $84,145
- Funds due
- $95,862
- Interest + MI left
- $242,276
- First ends
- Jun 2052
Assumption
Assumption + second
$2,889/mo
+$330/mo- Down payment
- $43,145
- Funds due
- $56,122
- Interest + MI left
- $320,038
- First ends
- Jun 2052
New loan
New conventional
$3,291/mo
+$732/mo- Down payment
- $43,145
- Funds due
- $52,673
- Interest + MI left
- $586,540
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,755 | $345,755 | $386,755 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,755.09 | $1,755.09 | $2,677.81 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $268.11 | $268.11 | $77.35 |
| Taxes, insurance & HOA | $535.75 | $535.75 | $535.75 |
| Total housing payment | $2,558.95 | $2,888.84 | $3,290.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,145
Closing costs & prepaids$12,977
Usable credit−$0
Total buyer cash needed$56,122
Earnest money paid−$0
Remaining funds due$56,122
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)$752.25
Initial HOA (3 months)$405.00
Prepaid interest, first (1 days)$35.62
Prepaid interest, second (1 days)$10.11
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 7 moOf the original 30-year loan at 3.760%
Interest already paid$60,265Through Nov 2026
Assumption only · ends Jun 2052$242,276
Assumption + second · ends Jun 2052, second Dec 2056$320,038
New conventional · ends Dec 2056$586,540