Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,466/mo
Lowest payment- Down payment
- $285,095
- Funds due
- $297,193
- Interest + MI left
- $91,573
- First ends
- Jun 2052
Assumption
Assumption + second
$3,236/mo
+$1,770/mo- Down payment
- $38,095
- Funds due
- $51,548
- Interest + MI left
- $481,606
- First ends
- Jun 2052
New loan
New conventional
$3,267/mo
+$1,801/mo- Down payment
- $38,095
- Funds due
- $48,123
- Interest + MI left
- $518,370
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $94,805 | $94,805 | $341,805 |
| Second mortgage | — | $247,000 | — |
| First P&I | $561.87 | $561.87 | $2,366.59 |
| Second P&I | — | $1,769.54 | — |
| Mortgage insurance | $72.07 | $72.07 | $68.36 |
| Taxes, insurance & HOA | $832.25 | $832.25 | $832.25 |
| Total housing payment | $1,466.19 | $3,235.73 | $3,267.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,095
Closing costs & prepaids$13,453
Usable credit−$0
Total buyer cash needed$51,548
Earnest money paid−$0
Remaining funds due$51,548
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
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)$1,571.75
Initial HOA (3 months)$474.99
Prepaid interest, first (2 days)$27.27
Prepaid interest, second (2 days)$104.89
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 5.250%
Interest already paid$22,834Through Nov 2026
Assumption only · ends Jun 2052$91,573
Assumption + second · ends Jun 2052, second Dec 2056$481,606
New conventional · ends Dec 2056$518,370