Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $46,309
- Funds due
- $57,489
- Interest + MI left
- $365,989
- First ends
- Oct 2052
Assumption
Assumption + second
$3,037/mo
+$255/mo- Down payment
- $21,309
- Funds due
- $33,788
- Interest + MI left
- $432,699
- First ends
- Oct 2052
New loan
New conventional
$3,038/mo
+$256/mo- Down payment
- $21,309
- Funds due
- $30,612
- Interest + MI left
- $570,352
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,691 | $363,691 | $388,691 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,180.29 | $2,180.29 | $2,633.13 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $274.72 | $274.72 | $77.74 |
| Taxes, insurance & HOA | $327.33 | $327.33 | $327.33 |
| Total housing payment | $2,782.34 | $3,037.09 | $3,038.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,309
Closing costs & prepaids$12,479
Usable credit−$0
Total buyer cash needed$33,788
Earnest money paid−$0
Remaining funds due$33,788
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,100.00
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)$492.00
Initial HOA (3 months)$39.99
Prepaid interest, first (6 days)$323.44
Prepaid interest, second (6 days)$48.80
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$84,861Through Dec 2026
Assumption only · ends Oct 2052$365,989
Assumption + second · ends Oct 2052, second Jan 2057$432,699
New conventional · ends Jan 2057$570,352