Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,706/mo
Lowest payment- Down payment
- $74,752
- Funds due
- $86,196
- Interest + MI left
- $306,031
- First ends
- Jun 2052
Assumption
Assumption + second
$2,939/mo
+$233/mo- Down payment
- $45,752
- Funds due
- $58,453
- Interest + MI left
- $361,034
- First ends
- Jun 2052
New loan
New conventional
$3,254/mo
+$549/mo- Down payment
- $45,752
- Funds due
- $54,975
- Interest + MI left
- $612,973
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,238 | $375,238 | $404,238 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,042.91 | $2,042.91 | $2,798.86 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $288.29 | $288.29 | $80.85 |
| Taxes, insurance & HOA | $374.50 | $374.50 | $374.50 |
| Total housing payment | $2,705.70 | $2,939.04 | $3,254.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,752
Closing costs & prepaids$12,701
Usable credit−$0
Total buyer cash needed$58,453
Earnest money paid−$0
Remaining funds due$58,453
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,499.90
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)$394.50
Initial HOA (3 months)$279.00
Prepaid interest, first (1 days)$45.44
Prepaid interest, second (1 days)$7.15
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 4.420%
Interest already paid$76,512Through Nov 2026
Assumption only · ends Jun 2052$306,031
Assumption + second · ends Jun 2052, second Dec 2056$361,034
New conventional · ends Dec 2056$612,973