Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,905/mo
Lowest payment- Down payment
- $97,323
- Funds due
- $109,884
- Interest + MI left
- $340,951
- First ends
- Jul 2052
Assumption
Assumption + second
$3,316/mo
+$410/mo- Down payment
- $46,323
- Funds due
- $60,247
- Interest + MI left
- $437,680
- First ends
- Jul 2052
New loan
New conventional
$3,395/mo
+$490/mo- Down payment
- $46,323
- Funds due
- $56,896
- Interest + MI left
- $604,864
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,677 | $362,677 | $413,677 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,119.39 | $2,119.39 | $2,802.39 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $276.18 | $276.18 | $82.74 |
| Taxes, insurance & HOA | $509.67 | $509.67 | $509.67 |
| Total housing payment | $2,905.24 | $3,315.60 | $3,394.79 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,323
Closing costs & prepaids$13,924
Usable credit−$0
Total buyer cash needed$60,247
Earnest money paid−$0
Remaining funds due$60,247
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,600.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$552.00
Initial HOA (3 months)$477.00
Prepaid interest, first (9 days)$456.97
Prepaid interest, second (9 days)$113.18
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 5.11%
Interest already paid$85,099Through Dec 2026
Assumption only · ends Jul 2052$340,951
Assumption + second · ends Jul 2052, second Jan 2057$437,680
New conventional · ends Jan 2057$604,864