Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,404/mo
Lowest payment- Down payment
- $71,274
- Funds due
- $82,428
- Interest + MI left
- $287,350
- First ends
- Nov 2052
Assumption
Assumption + second
$2,670/mo
+$266/mo- Down payment
- $38,274
- Funds due
- $50,751
- Interest + MI left
- $349,939
- First ends
- Nov 2052
New loan
New conventional
$2,783/mo
+$378/mo- Down payment
- $38,274
- Funds due
- $47,470
- Interest + MI left
- $499,514
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $308,626 | $308,626 | $341,626 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,770.45 | $1,770.45 | $2,314.29 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $233.88 | $233.88 | $68.33 |
| Taxes, insurance & HOA | $400.00 | $400.00 | $400.00 |
| Total housing payment | $2,404.33 | $2,669.85 | $2,782.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,274
Closing costs & prepaids$12,477
Usable credit−$0
Total buyer cash needed$50,751
Earnest money paid−$0
Remaining funds due$50,751
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$456.00
Initial HOA (3 months)$294.00
Prepaid interest, first (9 days)$379.74
Prepaid interest, second (9 days)$73.23
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 11 moOf the original 30-year loan at 4.99%
Interest already paid$65,200Through Dec 2026
Assumption only · ends Nov 2052$287,350
Assumption + second · ends Nov 2052, second Jan 2057$349,939
New conventional · ends Jan 2057$499,514