Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,608/mo
Lowest payment- Down payment
- $90,389
- Funds due
- $102,279
- Interest + MI left
- $280,096
- First ends
- Jun 2052
Assumption
Assumption + second
$2,978/mo
+$370/mo- Down payment
- $44,389
- Funds due
- $57,631
- Interest + MI left
- $367,341
- First ends
- Jun 2052
New loan
New conventional
$3,187/mo
+$580/mo- Down payment
- $44,389
- Funds due
- $54,351
- Interest + MI left
- $571,060
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,611 | $344,611 | $390,611 |
| Second mortgage | — | $46,000 | — |
| First P&I | $1,879.48 | $1,879.48 | $2,646.13 |
| Second P&I | — | $370.13 | — |
| Mortgage insurance | $265.23 | $265.23 | $78.12 |
| Taxes, insurance & HOA | $463.00 | $463.00 | $463.00 |
| Total housing payment | $2,607.70 | $2,977.83 | $3,187.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,389
Closing costs & prepaids$13,242
Usable credit−$0
Total buyer cash needed$57,631
Earnest money paid−$0
Remaining funds due$57,631
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$522.00
Initial HOA (3 months)$417.00
Prepaid interest, first (9 days)$375.58
Prepaid interest, second (9 days)$102.08
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$71,663Through Dec 2026
Assumption only · ends Jun 2052$280,096
Assumption + second · ends Jun 2052, second Jan 2057$367,341
New conventional · ends Jan 2057$571,060