Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,262/mo
Lowest payment- Down payment
- $84,083
- Funds due
- $96,756
- Interest + MI left
- $425,084
- First ends
- Nov 2052
Assumption
Assumption + second
$3,527/mo
+$266/mo- Down payment
- $51,083
- Funds due
- $65,055
- Interest + MI left
- $487,673
- First ends
- Nov 2052
New loan
New conventional
$3,590/mo
+$329/mo- Down payment
- $51,083
- Funds due
- $61,607
- Interest + MI left
- $663,702
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,917 | $420,917 | $453,917 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,519.62 | $2,519.62 | $3,074.99 |
| Second P&I | — | $265.53 | — |
| Mortgage insurance | $317.48 | $317.48 | $90.78 |
| Taxes, insurance & HOA | $424.67 | $424.67 | $424.67 |
| Total housing payment | $3,261.77 | $3,527.30 | $3,590.44 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$51,083
Closing costs & prepaids$13,972
Usable credit−$0
Total buyer cash needed$65,055
Earnest money paid−$0
Remaining funds due$65,055
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$606.00
Initial HOA (3 months)$168.00
Prepaid interest, first (6 days)$374.33
Prepaid interest, second (6 days)$48.82
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 11 moOf the original 30-year loan at 5.41%
Interest already paid$96,171Through Dec 2026
Assumption only · ends Nov 2052$425,084
Assumption + second · ends Nov 2052, second Jan 2057$487,673
New conventional · ends Jan 2057$663,702