Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,236/mo
Lowest payment- Down payment
- $65,145
- Funds due
- $75,330
- Interest + MI left
- $295,427
- First ends
- Sep 2052
Assumption
Assumption + second
$2,486/mo
+$249/mo- Down payment
- $34,145
- Funds due
- $45,588
- Interest + MI left
- $354,223
- First ends
- Sep 2052
New loan
New conventional
$2,499/mo
+$263/mo- Down payment
- $34,145
- Funds due
- $42,207
- Interest + MI left
- $463,091
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,355 | $274,355 | $305,355 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,706.16 | $1,706.16 | $2,114.22 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $206.42 | $206.42 | $61.07 |
| Taxes, insurance & HOA | $323.92 | $323.92 | $323.92 |
| Total housing payment | $2,236.49 | $2,485.93 | $2,499.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,145
Closing costs & prepaids$11,443
Usable credit−$0
Total buyer cash needed$45,588
Earnest money paid−$0
Remaining funds due$45,588
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,395.00
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)$275.75
Initial HOA (3 months)$246.00
Prepaid interest, first (1 days)$43.45
Prepaid interest, second (1 days)$7.64
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 10 moOf the original 30-year loan at 5.780%
Interest already paid$68,251Through Nov 2026
Assumption only · ends Sep 2052$295,427
Assumption + second · ends Sep 2052, second Dec 2056$354,223
New conventional · ends Dec 2056$463,091