Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,715/mo
Lowest payment- Down payment
- $47,687
- Funds due
- $59,187
- Interest + MI left
- $288,949
- First ends
- Sep 2052
Assumption
Assumption + second
$3,031/mo
+$316/mo- Down payment
- $16,687
- Funds due
- $29,447
- Interest + MI left
- $371,670
- First ends
- Sep 2052
New loan
New conventional
$3,022/mo
+$308/mo- Down payment
- $16,687
- Funds due
- $26,241
- Interest + MI left
- $475,268
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $281,313 | $281,313 | $312,313 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,705.05 | $1,705.05 | $2,162.39 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $212.24 | $212.24 | $62.46 |
| Taxes, insurance & HOA | $797.58 | $797.58 | $797.58 |
| Total housing payment | $2,714.87 | $3,030.76 | $3,022.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,687
Closing costs & prepaids$12,760
Usable credit−$0
Total buyer cash needed$29,447
Earnest money paid−$0
Remaining funds due$29,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$1,880.25
Initial HOA (3 months)$62.49
Prepaid interest, first (1 days)$42.54
Prepaid interest, second (1 days)$10.09
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$66,932Through Nov 2026
Assumption only · ends Sep 2052$288,949
Assumption + second · ends Sep 2052, second Dec 2056$371,670
New conventional · ends Dec 2056$475,268