Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,207/mo
Lowest payment- Down payment
- $75,305
- Funds due
- $86,388
- Interest + MI left
- $208,333
- First ends
- Jul 2052
Assumption
Assumption + second
$2,553/mo
+$346/mo- Down payment
- $32,305
- Funds due
- $44,680
- Interest + MI left
- $289,889
- First ends
- Jul 2052
New loan
New conventional
$2,636/mo
+$429/mo- Down payment
- $32,305
- Funds due
- $41,360
- Interest + MI left
- $408,422
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $239,695 | $239,695 | $282,695 |
| Second mortgage | — | $43,000 | — |
| First P&I | $1,346.17 | $1,346.17 | $1,901.71 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $183.43 | $183.43 | $56.54 |
| Taxes, insurance & HOA | $677.75 | $677.75 | $677.75 |
| Total housing payment | $2,207.35 | $2,553.34 | $2,636.00 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,305
Closing costs & prepaids$12,375
Usable credit−$0
Total buyer cash needed$44,680
Earnest money paid−$0
Remaining funds due$44,680
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$803.25
Initial HOA (3 months)$780.00
Prepaid interest, first (4 days)$123.98
Prepaid interest, second (4 days)$42.41
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 4.72%
Interest already paid$52,084Through Dec 2026
Assumption only · ends Jul 2052$208,333
Assumption + second · ends Jul 2052, second Jan 2057$289,889
New conventional · ends Jan 2057$408,422