Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,542/mo
Lowest payment- Down payment
- $47,899
- Funds due
- $58,985
- Interest + MI left
- $312,768
- First ends
- Oct 2052
Assumption
Assumption + second
$2,827/mo
+$285/mo- Down payment
- $19,899
- Funds due
- $32,317
- Interest + MI left
- $387,483
- First ends
- Oct 2052
New loan
New conventional
$2,895/mo
+$354/mo- Down payment
- $19,899
- Funds due
- $29,218
- Interest + MI left
- $535,737
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,101 | $337,101 | $365,101 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,936.86 | $1,936.86 | $2,473.32 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $255.86 | $255.86 | $73.02 |
| Taxes, insurance & HOA | $349.00 | $349.00 | $349.00 |
| Total housing payment | $2,541.72 | $2,827.04 | $2,895.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,899
Closing costs & prepaids$12,419
Usable credit−$0
Total buyer cash needed$32,317
Earnest money paid−$0
Remaining funds due$32,317
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,850.00
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)$462.00
Initial HOA (3 months)$135.00
Prepaid interest, first (9 days)$414.77
Prepaid interest, second (9 days)$81.99
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 10 moOf the original 30-year loan at 4.99%
Interest already paid$72,732Through Dec 2026
Assumption only · ends Oct 2052$312,768
Assumption + second · ends Oct 2052, second Jan 2057$387,483
New conventional · ends Jan 2057$535,737