Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,300/mo
Lowest payment- Down payment
- $60,447
- Funds due
- $72,742
- Interest + MI left
- $410,589
- First ends
- Jul 2052
Assumption
Assumption + second
$3,667/mo
+$367/mo- Down payment
- $24,447
- Funds due
- $38,004
- Interest + MI left
- $506,652
- First ends
- Jul 2052
New loan
New conventional
$3,732/mo
+$432/mo- Down payment
- $24,447
- Funds due
- $34,730
- Interest + MI left
- $693,246
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,553 | $419,553 | $455,553 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,495.14 | $2,495.14 | $3,154.16 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $318.27 | $318.27 | $91.11 |
| Taxes, insurance & HOA | $486.58 | $486.58 | $486.58 |
| Total housing payment | $3,300.00 | $3,666.84 | $3,731.85 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,447
Closing costs & prepaids$13,557
Usable credit−$0
Total buyer cash needed$38,004
Earnest money paid−$0
Remaining funds due$38,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$563.75
Initial HOA (3 months)$396.00
Prepaid interest, first (1 days)$60.92
Prepaid interest, second (1 days)$11.71
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.300%
Interest already paid$99,973Through Nov 2026
Assumption only · ends Jul 2052$410,589
Assumption + second · ends Jul 2052, second Dec 2056$506,652
New conventional · ends Dec 2056$693,246