Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,630/mo
Lowest payment- Down payment
- $94,097
- Funds due
- $106,004
- Interest + MI left
- $265,929
- First ends
- Jul 2052
Assumption
Assumption + second
$3,065/mo
+$434/mo- Down payment
- $40,097
- Funds due
- $53,281
- Interest + MI left
- $368,347
- First ends
- Jul 2052
New loan
New conventional
$3,245/mo
+$614/mo- Down payment
- $40,097
- Funds due
- $49,870
- Interest + MI left
- $544,301
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,903 | $304,903 | $358,903 |
| Second mortgage | — | $54,000 | — |
| First P&I | $1,709.53 | $1,709.53 | $2,484.97 |
| Second P&I | — | $434.50 | — |
| Mortgage insurance | $232.94 | $232.94 | $71.78 |
| Taxes, insurance & HOA | $687.84 | $687.84 | $687.84 |
| Total housing payment | $2,630.30 | $3,064.80 | $3,244.59 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,097
Closing costs & prepaids$13,184
Usable credit−$0
Total buyer cash needed$53,281
Earnest money paid−$0
Remaining funds due$53,281
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$915.50
Initial HOA (3 months)$698.01
Prepaid interest, first (2 days)$78.86
Prepaid interest, second (2 days)$26.63
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 8 moOf the original 30-year loan at 4.720%
Interest already paid$64,943Through Nov 2026
Assumption only · ends Jul 2052$265,929
Assumption + second · ends Jul 2052, second Dec 2056$368,347
New conventional · ends Dec 2056$544,301