Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,219/mo
Lowest payment- Down payment
- $54,145
- Funds due
- $64,226
- Interest + MI left
- $288,477
- First ends
- Sep 2052
Assumption
Assumption + second
$2,596/mo
+$377/mo- Down payment
- $17,145
- Funds due
- $28,488
- Interest + MI left
- $387,208
- First ends
- Sep 2052
New loan
New conventional
$2,569/mo
+$350/mo- Down payment
- $17,145
- Funds due
- $25,277
- Interest + MI left
- $483,700
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $280,854 | $280,854 | $317,854 |
| Second mortgage | — | $37,000 | — |
| First P&I | $1,702.27 | $1,702.27 | $2,200.76 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $211.89 | $211.89 | $63.57 |
| Taxes, insurance & HOA | $304.58 | $304.58 | $304.58 |
| Total housing payment | $2,218.75 | $2,595.78 | $2,568.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$17,145
Closing costs & prepaids$11,343
Usable credit−$0
Total buyer cash needed$28,488
Earnest money paid−$0
Remaining funds due$28,488
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,349.99
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)$382.75
Initial HOA (3 months)$81.00
Prepaid interest, first (1 days)$42.47
Prepaid interest, second (1 days)$12.04
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$66,822Through Nov 2026
Assumption only · ends Sep 2052$288,477
Assumption + second · ends Sep 2052, second Dec 2056$387,208
New conventional · ends Dec 2056$483,700