Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,036/mo
Lowest payment- Down payment
- $59,095
- Funds due
- $71,349
- Interest + MI left
- $314,739
- First ends
- Jun 2052
Assumption
Assumption + second
$3,413/mo
+$377/mo- Down payment
- $22,095
- Funds due
- $35,623
- Interest + MI left
- $413,470
- First ends
- Jun 2052
New loan
New conventional
$3,582/mo
+$546/mo- Down payment
- $22,095
- Funds due
- $32,397
- Interest + MI left
- $613,128
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,905 | $365,905 | $402,905 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,044.43 | $2,044.43 | $2,789.63 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $280.19 | $280.19 | $80.58 |
| Taxes, insurance & HOA | $711.67 | $711.67 | $711.67 |
| Total housing payment | $3,036.29 | $3,413.32 | $3,581.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,095
Closing costs & prepaids$13,528
Usable credit−$0
Total buyer cash needed$35,623
Earnest money paid−$0
Remaining funds due$35,623
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$1,475.00
Initial HOA (3 months)$210.00
Prepaid interest, first (2 days)$93.63
Prepaid interest, second (2 days)$24.08
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 7 moOf the original 30-year loan at 4.670%
Interest already paid$78,692Through Nov 2026
Assumption only · ends Jun 2052$314,739
Assumption + second · ends Jun 2052, second Dec 2056$413,470
New conventional · ends Dec 2056$613,128