Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,411/mo
Lowest payment- Down payment
- $51,368
- Funds due
- $63,608
- Interest + MI left
- $449,936
- First ends
- Jul 2052
Assumption
Assumption + second
$3,687/mo
+$275/mo- Down payment
- $24,368
- Funds due
- $37,876
- Interest + MI left
- $521,983
- First ends
- Jul 2052
New loan
New conventional
$3,652/mo
+$240/mo- Down payment
- $24,368
- Funds due
- $34,612
- Interest + MI left
- $678,148
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,632 | $418,632 | $445,632 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,618.38 | $2,618.38 | $3,085.47 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $315.75 | $315.75 | $89.13 |
| Taxes, insurance & HOA | $477.25 | $477.25 | $477.25 |
| Total housing payment | $3,411.39 | $3,686.52 | $3,651.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,368
Closing costs & prepaids$13,508
Usable credit−$0
Total buyer cash needed$37,876
Earnest money paid−$0
Remaining funds due$37,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$673.75
Initial HOA (3 months)$258.00
Prepaid interest, first (2 days)$133.27
Prepaid interest, second (2 days)$17.57
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 5.810%
Interest already paid$109,022Through Nov 2026
Assumption only · ends Jul 2052$449,936
Assumption + second · ends Jul 2052, second Dec 2056$521,983
New conventional · ends Dec 2056$678,148