Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,864/mo
Lowest payment- Down payment
- $96,750
- Funds due
- $108,781
- Interest + MI left
- $342,696
- First ends
- Jul 2052
Assumption
Assumption + second
$3,266/mo
+$402/mo- Down payment
- $46,750
- Funds due
- $60,043
- Interest + MI left
- $437,528
- First ends
- Jul 2052
New loan
New conventional
$3,412/mo
+$548/mo- Down payment
- $46,750
- Funds due
- $56,546
- Interest + MI left
- $626,639
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,250 | $363,250 | $413,250 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,119.39 | $2,119.39 | $2,861.26 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $276.18 | $276.18 | $82.65 |
| Taxes, insurance & HOA | $468.25 | $468.25 | $468.25 |
| Total housing payment | $2,863.82 | $3,266.13 | $3,412.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,750
Closing costs & prepaids$13,293
Usable credit−$0
Total buyer cash needed$60,043
Earnest money paid−$0
Remaining funds due$60,043
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
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)$427.75
Initial HOA (3 months)$477.00
Prepaid interest, first (1 days)$50.85
Prepaid interest, second (1 days)$12.33
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 5.110%
Interest already paid$83,552Through Nov 2026
Assumption only · ends Jul 2052$342,696
Assumption + second · ends Jul 2052, second Dec 2056$437,528
New conventional · ends Dec 2056$626,639