Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,600/mo
Lowest payment- Down payment
- $62,695
- Funds due
- $73,755
- Interest + MI left
- $313,567
- First ends
- Sep 2052
Assumption
Assumption + second
$3,018/mo
+$418/mo- Down payment
- $21,695
- Funds due
- $34,031
- Interest + MI left
- $422,971
- First ends
- Sep 2052
New loan
New conventional
$3,187/mo
+$587/mo- Down payment
- $21,695
- Funds due
- $30,809
- Interest + MI left
- $613,736
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $362,305 | $362,305 | $403,305 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,009.97 | $2,009.97 | $2,792.40 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $276.11 | $276.11 | $80.66 |
| Taxes, insurance & HOA | $314.08 | $314.08 | $314.08 |
| Total housing payment | $2,600.16 | $3,017.95 | $3,187.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,695
Closing costs & prepaids$12,336
Usable credit−$0
Total buyer cash needed$34,031
Earnest money paid−$0
Remaining funds due$34,031
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)$313.50
Initial HOA (3 months)$178.74
Prepaid interest, first (2 days)$92.31
Prepaid interest, second (2 days)$26.68
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 10 moOf the original 30-year loan at 4.650%
Interest already paid$73,000Through Nov 2026
Assumption only · ends Sep 2052$313,567
Assumption + second · ends Sep 2052, second Dec 2056$422,971
New conventional · ends Dec 2056$613,736