Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,220/mo
Lowest payment- Down payment
- $72,721
- Funds due
- $85,593
- Interest + MI left
- $382,349
- First ends
- Jul 2052
Assumption
Assumption + second
$3,709/mo
+$489/mo- Down payment
- $24,721
- Funds due
- $38,983
- Interest + MI left
- $510,433
- First ends
- Jul 2052
New loan
New conventional
$3,740/mo
+$520/mo- Down payment
- $24,721
- Funds due
- $35,857
- Interest + MI left
- $682,827
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,279 | $417,279 | $465,279 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,406.60 | $2,406.60 | $3,151.96 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $318.27 | $318.27 | $93.06 |
| Taxes, insurance & HOA | $494.67 | $494.67 | $494.67 |
| Total housing payment | $3,219.54 | $3,708.66 | $3,739.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,721
Closing costs & prepaids$14,262
Usable credit−$0
Total buyer cash needed$38,983
Earnest money paid−$0
Remaining funds due$38,983
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$512.40
Prepaid interest, second (9 days)$140.55
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 4.98%
Interest already paid$95,500Through Dec 2026
Assumption only · ends Jul 2052$382,349
Assumption + second · ends Jul 2052, second Jan 2057$510,433
New conventional · ends Jan 2057$682,827