Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,280/mo
Lowest payment- Down payment
- $65,530
- Funds due
- $76,194
- Interest + MI left
- $293,951
- First ends
- Sep 2052
Assumption
Assumption + second
$2,530/mo
+$249/mo- Down payment
- $34,530
- Funds due
- $46,512
- Interest + MI left
- $352,746
- First ends
- Sep 2052
New loan
New conventional
$2,495/mo
+$214/mo- Down payment
- $34,530
- Funds due
- $43,198
- Interest + MI left
- $445,856
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,970 | $273,970 | $304,970 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,706.16 | $1,706.16 | $2,065.97 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $206.42 | $206.42 | $60.99 |
| Taxes, insurance & HOA | $367.83 | $367.83 | $367.83 |
| Total housing payment | $2,280.41 | $2,529.84 | $2,494.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,530
Closing costs & prepaids$11,983
Usable credit−$0
Total buyer cash needed$46,512
Earnest money paid−$0
Remaining funds due$46,512
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,395.00
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)$407.50
Initial HOA (3 months)$246.00
Prepaid interest, first (9 days)$390.46
Prepaid interest, second (9 days)$68.79
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 9 moOf the original 30-year loan at 5.78%
Interest already paid$69,572Through Dec 2026
Assumption only · ends Sep 2052$293,951
Assumption + second · ends Sep 2052, second Jan 2057$352,746
New conventional · ends Jan 2057$445,856