Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,751/mo
Lowest payment- Down payment
- $55,938
- Funds due
- $67,565
- Interest + MI left
- $326,770
- First ends
- Aug 2052
Assumption
Assumption + second
$3,107/mo
+$357/mo- Down payment
- $20,938
- Funds due
- $33,917
- Interest + MI left
- $420,164
- First ends
- Aug 2052
New loan
New conventional
$3,152/mo
+$401/mo- Down payment
- $20,938
- Funds due
- $30,808
- Interest + MI left
- $570,749
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,962 | $353,962 | $388,962 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,042.30 | $2,042.30 | $2,634.96 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $269.48 | $269.48 | $77.79 |
| Taxes, insurance & HOA | $439.00 | $439.00 | $439.00 |
| Total housing payment | $2,750.78 | $3,107.43 | $3,151.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,938
Closing costs & prepaids$12,980
Usable credit−$0
Total buyer cash needed$33,917
Earnest money paid−$0
Remaining funds due$33,917
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$492.00
Initial HOA (3 months)$375.00
Prepaid interest, first (9 days)$436.39
Prepaid interest, second (9 days)$102.48
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 8 moOf the original 30-year loan at 5%
Interest already paid$79,719Through Dec 2026
Assumption only · ends Aug 2052$326,770
Assumption + second · ends Aug 2052, second Jan 2057$420,164
New conventional · ends Jan 2057$570,749