Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,712/mo
Lowest payment- Down payment
- $78,932
- Funds due
- $88,802
- Interest + MI left
- $179,106
- First ends
- Jun 2052
Assumption
Assumption + second
$2,114/mo
+$402/mo- Down payment
- $28,932
- Funds due
- $40,076
- Interest + MI left
- $273,938
- First ends
- Jun 2052
New loan
New conventional
$2,221/mo
+$509/mo- Down payment
- $28,932
- Funds due
- $36,763
- Interest + MI left
- $388,293
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $206,068 | $206,068 | $256,068 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,157.32 | $1,157.32 | $1,772.96 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $157.70 | $157.70 | $51.21 |
| Taxes, insurance & HOA | $397.17 | $397.17 | $397.17 |
| Total housing payment | $1,712.18 | $2,114.49 | $2,221.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,932
Closing costs & prepaids$11,144
Usable credit−$0
Total buyer cash needed$40,076
Earnest money paid−$0
Remaining funds due$40,076
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,850.00
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)$144.50
Initial HOA (3 months)$597.00
Prepaid interest, first (2 days)$53.30
Prepaid interest, second (2 days)$24.66
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 4.720%
Interest already paid$44,777Through Nov 2026
Assumption only · ends Jun 2052$179,106
Assumption + second · ends Jun 2052, second Dec 2056$273,938
New conventional · ends Dec 2056$388,293