Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,852/mo
Lowest payment- Down payment
- $55,373
- Funds due
- $66,915
- Interest + MI left
- $328,441
- First ends
- Aug 2052
Assumption
Assumption + second
$3,198/mo
+$346/mo- Down payment
- $21,373
- Funds due
- $34,176
- Interest + MI left
- $419,166
- First ends
- Aug 2052
New loan
New conventional
$3,308/mo
+$456/mo- Down payment
- $21,373
- Funds due
- $30,932
- Interest + MI left
- $591,248
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $354,527 | $354,527 | $388,527 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,042.30 | $2,042.30 | $2,690.08 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $269.48 | $269.48 | $77.71 |
| Taxes, insurance & HOA | $539.83 | $539.83 | $539.83 |
| Total housing payment | $2,851.61 | $3,198.07 | $3,307.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,373
Closing costs & prepaids$12,803
Usable credit−$0
Total buyer cash needed$34,176
Earnest money paid−$0
Remaining funds due$34,176
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.00
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)$794.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$48.57
Prepaid interest, second (1 days)$11.06
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 9 moOf the original 30-year loan at 5.000%
Interest already paid$78,242Through Nov 2026
Assumption only · ends Aug 2052$328,441
Assumption + second · ends Aug 2052, second Dec 2056$419,166
New conventional · ends Dec 2056$591,248