Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,682/mo
Lowest payment- Down payment
- $51,586
- Funds due
- $62,549
- Interest + MI left
- $338,753
- First ends
- Oct 2052
Assumption
Assumption + second
$3,008/mo
+$326/mo- Down payment
- $19,586
- Funds due
- $31,809
- Interest + MI left
- $424,142
- First ends
- Oct 2052
New loan
New conventional
$3,010/mo
+$328/mo- Down payment
- $19,586
- Funds due
- $28,576
- Interest + MI left
- $546,944
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $327,414 | $327,414 | $359,414 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,985.54 | $1,985.54 | $2,488.51 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $246.61 | $246.61 | $71.88 |
| Taxes, insurance & HOA | $449.42 | $449.42 | $449.42 |
| Total housing payment | $2,681.57 | $3,007.65 | $3,009.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,586
Closing costs & prepaids$12,223
Usable credit−$0
Total buyer cash needed$31,809
Earnest money paid−$0
Remaining funds due$31,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$325.25
Initial HOA (3 months)$573.00
Prepaid interest, first (1 days)$49.70
Prepaid interest, second (1 days)$10.41
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$76,549Through Nov 2026
Assumption only · ends Oct 2052$338,753
Assumption + second · ends Oct 2052, second Dec 2056$424,142
New conventional · ends Dec 2056$546,944