Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,723/mo
Lowest payment- Down payment
- $64,773
- Funds due
- $77,062
- Interest + MI left
- $217,173
- First ends
- Apr 2052
Assumption
Assumption + second
$2,948/mo
+$225/mo- Down payment
- $36,773
- Funds due
- $50,326
- Interest + MI left
- $270,279
- First ends
- Apr 2052
New loan
New conventional
$3,271/mo
+$549/mo- Down payment
- $36,773
- Funds due
- $46,963
- Interest + MI left
- $497,778
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,227 | $300,227 | $328,227 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,556.31 | $1,556.31 | $2,272.58 |
| Second P&I | — | $225.29 | — |
| Mortgage insurance | $233.15 | $233.15 | $65.65 |
| Taxes, insurance & HOA | $933.17 | $933.17 | $933.17 |
| Total housing payment | $2,722.63 | $2,947.93 | $3,271.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$36,773
Closing costs & prepaids$13,553
Usable credit−$0
Total buyer cash needed$50,326
Earnest money paid−$0
Remaining funds due$50,326
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)$1,998.50
Initial HOA (3 months)$351.00
Prepaid interest, first (2 days)$64.49
Prepaid interest, second (2 days)$13.81
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 5 moOf the original 30-year loan at 3.920%
Interest already paid$56,665Through Nov 2026
Assumption only · ends Apr 2052$217,173
Assumption + second · ends Apr 2052, second Dec 2056$270,279
New conventional · ends Dec 2056$497,778