Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,317/mo
Lowest payment- Down payment
- $254,209
- Funds due
- $269,004
- Interest + MI left
- $373,262
- First ends
- Sep 2052
Assumption
Assumption + second
$4,740/mo
+$1,424/mo- Down payment
- $60,209
- Funds due
- $76,339
- Interest + MI left
- $691,723
- First ends
- Sep 2052
New loan
New conventional
$4,745/mo
+$1,428/mo- Down payment
- $60,209
- Funds due
- $72,711
- Interest + MI left
- $817,113
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $344,791 | $344,791 | $538,791 |
| Second mortgage | — | $194,000 | — |
| First P&I | $2,150.51 | $2,150.51 | $3,730.48 |
| Second P&I | — | $1,423.50 | — |
| Mortgage insurance | $259.33 | $259.33 | $107.76 |
| Taxes, insurance & HOA | $906.83 | $906.83 | $906.83 |
| Total housing payment | $3,316.67 | $4,740.17 | $4,745.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,209
Closing costs & prepaids$16,130
Usable credit−$0
Total buyer cash needed$76,339
Earnest money paid−$0
Remaining funds due$76,339
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,990.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,929.50
Initial HOA (3 months)$291.00
Prepaid interest, first (2 days)$109.77
Prepaid interest, second (2 days)$85.04
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 10 moOf the original 30-year loan at 5.810%
Interest already paid$86,204Through Nov 2026
Assumption only · ends Sep 2052$373,262
Assumption + second · ends Sep 2052, second Dec 2056$691,723
New conventional · ends Dec 2056$817,113