Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,945/mo
Lowest payment- Down payment
- $93,288
- Funds due
- $105,185
- Interest + MI left
- $379,586
- First ends
- Aug 2052
Assumption
Assumption + second
$3,299/mo
+$354/mo- Down payment
- $49,288
- Funds due
- $62,445
- Interest + MI left
- $463,038
- First ends
- Aug 2052
New loan
New conventional
$3,442/mo
+$497/mo- Down payment
- $49,288
- Funds due
- $58,924
- Interest + MI left
- $660,699
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,712 | $391,712 | $435,712 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,309.70 | $2,309.70 | $3,016.78 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $296.94 | $296.94 | $87.14 |
| Taxes, insurance & HOA | $338.41 | $338.41 | $338.41 |
| Total housing payment | $2,945.06 | $3,299.09 | $3,442.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,288
Closing costs & prepaids$13,157
Usable credit−$0
Total buyer cash needed$62,445
Earnest money paid−$0
Remaining funds due$62,445
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$370.25
Initial HOA (3 months)$144.99
Prepaid interest, first (1 days)$56.13
Prepaid interest, second (1 days)$10.85
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$90,297Through Nov 2026
Assumption only · ends Aug 2052$379,586
Assumption + second · ends Aug 2052, second Dec 2056$463,038
New conventional · ends Dec 2056$660,699