Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,276/mo
Lowest payment- Down payment
- $71,164
- Funds due
- $81,749
- Interest + MI left
- $266,555
- First ends
- Jul 2052
Assumption
Assumption + second
$2,558/mo
+$282/mo- Down payment
- $36,164
- Funds due
- $48,008
- Interest + MI left
- $332,937
- First ends
- Jul 2052
New loan
New conventional
$2,697/mo
+$420/mo- Down payment
- $36,164
- Funds due
- $44,614
- Interest + MI left
- $490,967
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $288,736 | $288,736 | $323,736 |
| Second mortgage | — | $35,000 | — |
| First P&I | $1,665.96 | $1,665.96 | $2,241.48 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $219.82 | $219.82 | $64.75 |
| Taxes, insurance & HOA | $390.58 | $390.58 | $390.58 |
| Total housing payment | $2,276.36 | $2,557.98 | $2,696.81 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,164
Closing costs & prepaids$11,844
Usable credit−$0
Total buyer cash needed$48,008
Earnest money paid−$0
Remaining funds due$48,008
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,599.00
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)$430.75
Initial HOA (3 months)$291.00
Prepaid interest, first (1 days)$39.55
Prepaid interest, second (1 days)$8.63
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 8 moOf the original 30-year loan at 5.000%
Interest already paid$65,029Through Nov 2026
Assumption only · ends Jul 2052$266,555
Assumption + second · ends Jul 2052, second Dec 2056$332,937
New conventional · ends Dec 2056$490,967