Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,301/mo
Lowest payment- Down payment
- $69,287
- Funds due
- $81,841
- Interest + MI left
- $424,596
- First ends
- Aug 2052
Assumption
Assumption + second
$3,739/mo
+$438/mo- Down payment
- $26,287
- Funds due
- $40,175
- Interest + MI left
- $539,337
- First ends
- Aug 2052
New loan
New conventional
$3,737/mo
+$436/mo- Down payment
- $26,287
- Funds due
- $36,970
- Interest + MI left
- $708,316
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,713 | $439,713 | $482,713 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,596.73 | $2,596.73 | $3,270.07 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $333.84 | $333.84 | $96.54 |
| Taxes, insurance & HOA | $370.25 | $370.25 | $370.25 |
| Total housing payment | $3,300.83 | $3,739.00 | $3,736.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,287
Closing costs & prepaids$13,888
Usable credit−$0
Total buyer cash needed$40,175
Earnest money paid−$0
Remaining funds due$40,175
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,090.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$610.75
Prepaid interest, first (6 days)$378.03
Prepaid interest, second (6 days)$83.94
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 5.23%
Interest already paid$103,437Through Dec 2026
Assumption only · ends Aug 2052$424,596
Assumption + second · ends Aug 2052, second Jan 2057$539,337
New conventional · ends Jan 2057$708,316