Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,778/mo
Lowest payment- Down payment
- $79,279
- Funds due
- $89,532
- Interest + MI left
- $178,186
- First ends
- Jun 2052
Assumption
Assumption + second
$2,180/mo
+$402/mo- Down payment
- $29,279
- Funds due
- $40,893
- Interest + MI left
- $273,018
- First ends
- Jun 2052
New loan
New conventional
$2,246/mo
+$468/mo- Down payment
- $29,279
- Funds due
- $37,653
- Interest + MI left
- $373,855
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $205,721 | $205,721 | $255,721 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,157.32 | $1,157.32 | $1,732.34 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $157.70 | $157.70 | $51.14 |
| Taxes, insurance & HOA | $463.00 | $463.00 | $463.00 |
| Total housing payment | $1,778.01 | $2,180.32 | $2,246.49 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,279
Closing costs & prepaids$11,614
Usable credit−$0
Total buyer cash needed$40,893
Earnest money paid−$0
Remaining funds due$40,893
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$342.00
Initial HOA (3 months)$597.00
Prepaid interest, first (9 days)$239.43
Prepaid interest, second (9 days)$110.96
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 4.72%
Interest already paid$45,587Through Dec 2026
Assumption only · ends Jun 2052$178,186
Assumption + second · ends Jun 2052, second Jan 2057$273,018
New conventional · ends Jan 2057$373,855