Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $80,300
- Funds due
- $91,856
- Interest + MI left
- $286,904
- First ends
- Jun 2052
Assumption
Assumption + second
$2,851/mo
+$306/mo- Down payment
- $42,300
- Funds due
- $55,190
- Interest + MI left
- $358,977
- First ends
- Jun 2052
New loan
New conventional
$3,014/mo
+$469/mo- Down payment
- $42,300
- Funds due
- $51,907
- Interest + MI left
- $544,875
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $334,700 | $334,700 | $372,700 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,873.26 | $1,873.26 | $2,524.80 |
| Second P&I | — | $305.76 | — |
| Mortgage insurance | $256.73 | $256.73 | $74.54 |
| Taxes, insurance & HOA | $415.00 | $415.00 | $415.00 |
| Total housing payment | $2,544.99 | $2,850.75 | $3,014.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,300
Closing costs & prepaids$12,890
Usable credit−$0
Total buyer cash needed$55,190
Earnest money paid−$0
Remaining funds due$55,190
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$297.00
Prepaid interest, first (9 days)$385.41
Prepaid interest, second (9 days)$84.33
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 4.67%
Interest already paid$73,408Through Dec 2026
Assumption only · ends Jun 2052$286,904
Assumption + second · ends Jun 2052, second Jan 2057$358,977
New conventional · ends Jan 2057$544,875