Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,424/mo
Lowest payment- Down payment
- $59,495
- Funds due
- $72,133
- Interest + MI left
- $449,824
- First ends
- Sep 2052
Assumption
Assumption + second
$3,771/mo
+$346/mo- Down payment
- $25,495
- Funds due
- $39,449
- Interest + MI left
- $540,550
- First ends
- Sep 2052
New loan
New conventional
$3,727/mo
+$303/mo- Down payment
- $25,495
- Funds due
- $36,238
- Interest + MI left
- $694,805
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $439,505 | $439,505 | $473,505 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,667.75 | $2,667.75 | $3,207.69 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $332.08 | $332.08 | $94.70 |
| Taxes, insurance & HOA | $424.58 | $424.58 | $424.58 |
| Total housing payment | $3,424.41 | $3,770.87 | $3,726.97 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,495
Closing costs & prepaids$13,954
Usable credit−$0
Total buyer cash needed$39,449
Earnest money paid−$0
Remaining funds due$39,449
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Initial HOA (3 months)$174.99
Prepaid interest, first (6 days)$398.81
Prepaid interest, second (6 days)$66.37
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$106,747Through Dec 2026
Assumption only · ends Sep 2052$449,824
Assumption + second · ends Sep 2052, second Jan 2057$540,550
New conventional · ends Jan 2057$694,805