Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,713/mo
Lowest payment- Down payment
- $76,513
- Funds due
- $87,683
- Interest + MI left
- $351,937
- First ends
- Oct 2052
Assumption
Assumption + second
$2,987/mo
+$274/mo- Down payment
- $42,513
- Funds due
- $54,942
- Interest + MI left
- $416,423
- First ends
- Oct 2052
New loan
New conventional
$3,089/mo
+$376/mo- Down payment
- $42,513
- Funds due
- $51,484
- Interest + MI left
- $580,067
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $348,487 | $348,487 | $382,487 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,086.06 | $2,086.06 | $2,648.26 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $262.85 | $262.85 | $76.50 |
| Taxes, insurance & HOA | $364.58 | $364.58 | $364.58 |
| Total housing payment | $2,713.49 | $2,987.06 | $3,089.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,513
Closing costs & prepaids$12,429
Usable credit−$0
Total buyer cash needed$54,942
Earnest money paid−$0
Remaining funds due$54,942
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$418.75
Initial HOA (3 months)$225.00
Prepaid interest, first (1 days)$51.65
Prepaid interest, second (1 days)$8.38
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.410%
Interest already paid$79,622Through Nov 2026
Assumption only · ends Oct 2052$351,937
Assumption + second · ends Oct 2052, second Dec 2056$416,423
New conventional · ends Dec 2056$580,067