Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $80,573
- Funds due
- $91,258
- Interest + MI left
- $274,848
- First ends
- Jul 2052
Assumption
Assumption + second
$2,621/mo
+$322/mo- Down payment
- $40,573
- Funds due
- $52,528
- Interest + MI left
- $350,714
- First ends
- Jul 2052
New loan
New conventional
$2,833/mo
+$534/mo- Down payment
- $40,573
- Funds due
- $49,116
- Interest + MI left
- $543,507
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $318,427 | $318,427 | $358,427 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,776.16 | $1,776.16 | $2,481.68 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $243.43 | $243.43 | $71.69 |
| Taxes, insurance & HOA | $279.58 | $279.58 | $279.58 |
| Total housing payment | $2,299.17 | $2,621.01 | $2,832.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,573
Closing costs & prepaids$11,955
Usable credit−$0
Total buyer cash needed$52,528
Earnest money paid−$0
Remaining funds due$52,528
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$273.75
Initial HOA (3 months)$114.99
Prepaid interest, first (2 days)$81.48
Prepaid interest, second (2 days)$19.73
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 8 moOf the original 30-year loan at 4.670%
Interest already paid$67,127Through Nov 2026
Assumption only · ends Jul 2052$274,848
Assumption + second · ends Jul 2052, second Dec 2056$350,714
New conventional · ends Dec 2056$543,507