Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,515/mo
Lowest payment- Down payment
- $45,852
- Funds due
- $56,962
- Interest + MI left
- $292,433
- First ends
- Jul 2052
Assumption
Assumption + second
$2,790/mo
+$275/mo- Down payment
- $18,852
- Funds due
- $31,291
- Interest + MI left
- $364,480
- First ends
- Jul 2052
New loan
New conventional
$2,845/mo
+$330/mo- Down payment
- $18,852
- Funds due
- $28,194
- Interest + MI left
- $507,926
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $319,148 | $319,148 | $346,148 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,840.64 | $1,840.64 | $2,344.93 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $243.43 | $243.43 | $69.23 |
| Taxes, insurance & HOA | $431.00 | $431.00 | $431.00 |
| Total housing payment | $2,515.07 | $2,790.20 | $2,845.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,852
Closing costs & prepaids$12,439
Usable credit−$0
Total buyer cash needed$31,291
Earnest money paid−$0
Remaining funds due$31,291
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$438.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$391.90
Prepaid interest, second (9 days)$79.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4.98%
Interest already paid$73,042Through Dec 2026
Assumption only · ends Jul 2052$292,433
Assumption + second · ends Jul 2052, second Jan 2057$364,480
New conventional · ends Jan 2057$507,926