Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,738/mo
Lowest payment- Down payment
- $60,158
- Funds due
- $71,291
- Interest + MI left
- $348,752
- First ends
- Aug 2052
Assumption
Assumption + second
$3,146/mo
+$408/mo- Down payment
- $20,158
- Funds due
- $32,567
- Interest + MI left
- $455,488
- First ends
- Aug 2052
New loan
New conventional
$3,086/mo
+$348/mo- Down payment
- $20,158
- Funds due
- $29,337
- Interest + MI left
- $562,661
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $329,742 | $329,742 | $369,742 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,037.42 | $2,037.42 | $2,560.02 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $248.65 | $248.65 | $73.95 |
| Taxes, insurance & HOA | $452.25 | $452.25 | $452.25 |
| Total housing payment | $2,738.32 | $3,145.93 | $3,086.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,158
Closing costs & prepaids$12,410
Usable credit−$0
Total buyer cash needed$32,567
Earnest money paid−$0
Remaining funds due$32,567
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$898.75
Initial HOA (3 months)$8.01
Prepaid interest, first (2 days)$102.99
Prepaid interest, second (2 days)$26.03
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 9 moOf the original 30-year loan at 5.700%
Interest already paid$82,614Through Nov 2026
Assumption only · ends Aug 2052$348,752
Assumption + second · ends Aug 2052, second Dec 2056$455,488
New conventional · ends Dec 2056$562,661