Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,749/mo
Lowest payment- Down payment
- $52,880
- Funds due
- $62,412
- Interest + MI left
- $197,404
- First ends
- Jun 2052
Assumption
Assumption + second
$2,136/mo
+$387/mo- Down payment
- $14,880
- Funds due
- $25,686
- Interest + MI left
- $298,803
- First ends
- Jun 2052
New loan
New conventional
$2,188/mo
+$439/mo- Down payment
- $14,880
- Funds due
- $22,512
- Interest + MI left
- $403,398
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $227,120 | $227,120 | $265,120 |
| Second mortgage | — | $38,000 | — |
| First P&I | $1,275.55 | $1,275.55 | $1,835.64 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $173.81 | $173.81 | $53.02 |
| Taxes, insurance & HOA | $299.42 | $299.42 | $299.42 |
| Total housing payment | $1,748.77 | $2,135.99 | $2,188.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$14,880
Closing costs & prepaids$10,807
Usable credit−$0
Total buyer cash needed$25,686
Earnest money paid−$0
Remaining funds due$25,686
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,800.00
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)$403.25
Initial HOA (3 months)$45.00
Prepaid interest, first (2 days)$58.74
Prepaid interest, second (2 days)$24.73
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 7 moOf the original 30-year loan at 4.720%
Interest already paid$49,351Through Nov 2026
Assumption only · ends Jun 2052$197,404
Assumption + second · ends Jun 2052, second Dec 2056$298,803
New conventional · ends Dec 2056$403,398