Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,238/mo
Lowest payment- Down payment
- $91,892
- Funds due
- $102,838
- Interest + MI left
- $279,851
- First ends
- Nov 2052
Assumption
Assumption + second
$2,673/mo
+$434/mo- Down payment
- $37,892
- Funds due
- $50,208
- Interest + MI left
- $382,270
- First ends
- Nov 2052
New loan
New conventional
$2,680/mo
+$441/mo- Down payment
- $37,892
- Funds due
- $46,876
- Interest + MI left
- $484,068
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $277,108 | $277,108 | $331,108 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,658.78 | $1,658.78 | $2,243.04 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $209.01 | $209.01 | $66.22 |
| Taxes, insurance & HOA | $370.58 | $370.58 | $370.58 |
| Total housing payment | $2,238.37 | $2,672.87 | $2,679.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,892
Closing costs & prepaids$12,316
Usable credit−$0
Total buyer cash needed$50,208
Earnest money paid−$0
Remaining funds due$50,208
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,690.00
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)$442.75
Initial HOA (3 months)$219.00
Prepaid interest, first (9 days)$369.65
Prepaid interest, second (9 days)$119.84
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 5.41%
Interest already paid$63,313Through Dec 2026
Assumption only · ends Nov 2052$279,851
Assumption + second · ends Nov 2052, second Jan 2057$382,270
New conventional · ends Jan 2057$484,068