Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,480/mo
Lowest payment- Down payment
- $84,817
- Funds due
- $96,582
- Interest + MI left
- $241,016
- First ends
- Jun 2052
Assumption
Assumption + second
$2,810/mo
+$330/mo- Down payment
- $43,817
- Funds due
- $56,923
- Interest + MI left
- $318,778
- First ends
- Jun 2052
New loan
New conventional
$3,150/mo
+$669/mo- Down payment
- $43,817
- Funds due
- $53,707
- Interest + MI left
- $564,440
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $345,083 | $345,083 | $386,083 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,755.09 | $1,755.09 | $2,615.46 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $268.11 | $268.11 | $77.22 |
| Taxes, insurance & HOA | $457.00 | $457.00 | $457.00 |
| Total housing payment | $2,480.20 | $2,810.09 | $3,149.68 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,817
Closing costs & prepaids$13,106
Usable credit−$0
Total buyer cash needed$56,923
Earnest money paid−$0
Remaining funds due$56,923
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,299.00
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)$516.00
Initial HOA (3 months)$405.00
Prepaid interest, first (9 days)$319.93
Prepaid interest, second (9 days)$90.99
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 3.76%
Interest already paid$61,348Through Dec 2026
Assumption only · ends Jun 2052$241,016
Assumption + second · ends Jun 2052, second Jan 2057$318,778
New conventional · ends Jan 2057$564,440