Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,295/mo
Lowest payment- Down payment
- $106,102
- Funds due
- $117,323
- Interest + MI left
- $273,878
- First ends
- Jul 2052
Assumption
Assumption + second
$2,818/mo
+$523/mo- Down payment
- $41,102
- Funds due
- $53,717
- Interest + MI left
- $397,160
- First ends
- Jul 2052
New loan
New conventional
$2,881/mo
+$586/mo- Down payment
- $41,102
- Funds due
- $50,389
- Interest + MI left
- $532,079
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,898 | $298,898 | $363,898 |
| Second mortgage | — | $65,000 | — |
| First P&I | $1,723.86 | $1,723.86 | $2,465.17 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $227.98 | $227.98 | $72.78 |
| Taxes, insurance & HOA | $343.00 | $343.00 | $343.00 |
| Total housing payment | $2,294.84 | $2,817.84 | $2,880.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,102
Closing costs & prepaids$12,615
Usable credit−$0
Total buyer cash needed$53,717
Earnest money paid−$0
Remaining funds due$53,717
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$486.00
Initial HOA (3 months)$93.00
Prepaid interest, first (9 days)$367.03
Prepaid interest, second (9 days)$144.25
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$68,407Through Dec 2026
Assumption only · ends Jul 2052$273,878
Assumption + second · ends Jul 2052, second Jan 2057$397,160
New conventional · ends Jan 2057$532,079