Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,230/mo
Lowest payment- Down payment
- $89,621
- Funds due
- $100,162
- Interest + MI left
- $275,282
- First ends
- Jul 2052
Assumption
Assumption + second
$2,633/mo
+$402/mo- Down payment
- $39,621
- Funds due
- $51,424
- Interest + MI left
- $370,115
- First ends
- Jul 2052
New loan
New conventional
$2,767/mo
+$537/mo- Down payment
- $39,621
- Funds due
- $47,996
- Interest + MI left
- $529,787
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,379 | $299,379 | $349,379 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,723.86 | $1,723.86 | $2,419.03 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $227.98 | $227.98 | $69.88 |
| Taxes, insurance & HOA | $278.42 | $278.42 | $278.42 |
| Total housing payment | $2,230.25 | $2,632.56 | $2,767.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,621
Closing costs & prepaids$11,803
Usable credit−$0
Total buyer cash needed$51,424
Earnest money paid−$0
Remaining funds due$51,424
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,890.00
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)$292.25
Initial HOA (3 months)$93.00
Prepaid interest, first (1 days)$40.85
Prepaid interest, second (1 days)$12.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 4.980%
Interest already paid$67,165Through Nov 2026
Assumption only · ends Jul 2052$275,282
Assumption + second · ends Jul 2052, second Dec 2056$370,115
New conventional · ends Dec 2056$529,787