Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,938/mo
Lowest payment- Down payment
- $57,923
- Funds due
- $69,560
- Interest + MI left
- $380,922
- First ends
- Nov 2052
Assumption
Assumption + second
$3,294/mo
+$357/mo- Down payment
- $22,923
- Funds due
- $35,878
- Interest + MI left
- $474,316
- First ends
- Nov 2052
New loan
New conventional
$3,317/mo
+$379/mo- Down payment
- $22,923
- Funds due
- $32,698
- Interest + MI left
- $625,211
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,077 | $391,077 | $426,077 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,296.61 | $2,296.61 | $2,886.39 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $295.59 | $295.59 | $85.22 |
| Taxes, insurance & HOA | $345.41 | $345.41 | $345.41 |
| Total housing payment | $2,937.61 | $3,294.26 | $3,317.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,923
Closing costs & prepaids$12,955
Usable credit−$0
Total buyer cash needed$35,878
Earnest money paid−$0
Remaining funds due$35,878
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$47.49
Prepaid interest, first (6 days)$335.58
Prepaid interest, second (6 days)$68.32
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 5.22%
Interest already paid$86,309Through Dec 2026
Assumption only · ends Nov 2052$380,922
Assumption + second · ends Nov 2052, second Jan 2057$474,316
New conventional · ends Jan 2057$625,211