Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,483/mo
Lowest payment- Down payment
- $93,732
- Funds due
- $104,943
- Interest + MI left
- $288,387
- First ends
- Jun 2052
Assumption
Assumption + second
$2,886/mo
+$402/mo- Down payment
- $43,732
- Funds due
- $56,217
- Interest + MI left
- $383,219
- First ends
- Jun 2052
New loan
New conventional
$3,098/mo
+$615/mo- Down payment
- $43,732
- Funds due
- $52,776
- Interest + MI left
- $584,208
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $335,268 | $335,268 | $385,268 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,873.26 | $1,873.26 | $2,667.52 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $256.73 | $256.73 | $77.05 |
| Taxes, insurance & HOA | $353.33 | $353.33 | $353.33 |
| Total housing payment | $2,483.32 | $2,885.64 | $3,097.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$43,732
Closing costs & prepaids$12,485
Usable credit−$0
Total buyer cash needed$56,217
Earnest money paid−$0
Remaining funds due$56,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,290.00
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)$313.00
Initial HOA (3 months)$297.00
Prepaid interest, first (2 days)$85.79
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 4.670%
Interest already paid$72,104Through Nov 2026
Assumption only · ends Jun 2052$288,387
Assumption + second · ends Jun 2052, second Dec 2056$383,219
New conventional · ends Dec 2056$584,208