Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,517/mo
Lowest payment- Down payment
- $70,084
- Funds due
- $81,185
- Interest + MI left
- $286,968
- First ends
- Jul 2052
Assumption
Assumption + second
$2,782/mo
+$266/mo- Down payment
- $37,084
- Funds due
- $49,443
- Interest + MI left
- $349,557
- First ends
- Jul 2052
New loan
New conventional
$2,880/mo
+$364/mo- Down payment
- $37,084
- Funds due
- $46,037
- Interest + MI left
- $497,241
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $294,916 | $294,916 | $327,916 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,748.64 | $1,748.64 | $2,270.42 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $223.80 | $223.80 | $65.58 |
| Taxes, insurance & HOA | $544.17 | $544.17 | $544.17 |
| Total housing payment | $2,516.61 | $2,782.13 | $2,880.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,084
Closing costs & prepaids$12,358
Usable credit−$0
Total buyer cash needed$49,443
Earnest money paid−$0
Remaining funds due$49,443
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$1,025.00
Initial HOA (3 months)$157.50
Prepaid interest, first (1 days)$42.58
Prepaid interest, second (1 days)$8.14
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 8 moOf the original 30-year loan at 5.270%
Interest already paid$69,889Through Nov 2026
Assumption only · ends Jul 2052$286,968
Assumption + second · ends Jul 2052, second Dec 2056$349,557
New conventional · ends Dec 2056$497,241