Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,367/mo
Lowest payment- Down payment
- $81,110
- Funds due
- $92,285
- Interest + MI left
- $273,439
- First ends
- Jul 2052
Assumption
Assumption + second
$2,697/mo
+$330/mo- Down payment
- $40,110
- Funds due
- $52,626
- Interest + MI left
- $351,201
- First ends
- Jul 2052
New loan
New conventional
$2,851/mo
+$483/mo- Down payment
- $40,110
- Funds due
- $49,353
- Interest + MI left
- $524,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,890 | $317,890 | $358,890 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,776.16 | $1,776.16 | $2,431.25 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $243.43 | $243.43 | $71.78 |
| Taxes, insurance & HOA | $347.91 | $347.91 | $347.91 |
| Total housing payment | $2,367.50 | $2,697.39 | $2,850.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,110
Closing costs & prepaids$12,516
Usable credit−$0
Total buyer cash needed$52,626
Earnest money paid−$0
Remaining funds due$52,626
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$478.75
Initial HOA (3 months)$114.99
Prepaid interest, first (9 days)$366.05
Prepaid interest, second (9 days)$90.99
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 4.67%
Interest already paid$68,366Through Dec 2026
Assumption only · ends Jul 2052$273,439
Assumption + second · ends Jul 2052, second Jan 2057$351,201
New conventional · ends Jan 2057$524,757