Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,754/mo
Lowest payment- Down payment
- $75,413
- Funds due
- $87,365
- Interest + MI left
- $304,452
- First ends
- Jun 2052
Assumption
Assumption + second
$2,996/mo
+$241/mo- Down payment
- $45,413
- Funds due
- $58,682
- Interest + MI left
- $361,351
- First ends
- Jun 2052
New loan
New conventional
$3,245/mo
+$490/mo- Down payment
- $45,413
- Funds due
- $55,419
- Interest + MI left
- $591,558
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $374,577 | $374,577 | $404,577 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,042.91 | $2,042.91 | $2,740.75 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $288.29 | $288.29 | $80.92 |
| Taxes, insurance & HOA | $423.00 | $423.00 | $423.00 |
| Total housing payment | $2,754.20 | $2,995.59 | $3,244.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,413
Closing costs & prepaids$13,269
Usable credit−$0
Total buyer cash needed$58,682
Earnest money paid−$0
Remaining funds due$58,682
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)$540.00
Initial HOA (3 months)$279.00
Prepaid interest, first (9 days)$408.24
Prepaid interest, second (9 days)$66.58
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 6 moOf the original 30-year loan at 4.42%
Interest already paid$77,894Through Dec 2026
Assumption only · ends Jun 2052$304,452
Assumption + second · ends Jun 2052, second Jan 2057$361,351
New conventional · ends Jan 2057$591,558