Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,102/mo
Lowest payment- Down payment
- $53,029
- Funds due
- $64,950
- Interest + MI left
- $403,997
- First ends
- Oct 2052
Assumption
Assumption + second
$3,408/mo
+$306/mo- Down payment
- $23,029
- Funds due
- $36,268
- Interest + MI left
- $484,049
- First ends
- Oct 2052
New loan
New conventional
$3,369/mo
+$267/mo- Down payment
- $23,029
- Funds due
- $33,085
- Interest + MI left
- $619,039
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,871 | $391,871 | $421,871 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,379.88 | $2,379.88 | $2,857.90 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $295.59 | $295.59 | $84.37 |
| Taxes, insurance & HOA | $427.00 | $427.00 | $427.00 |
| Total housing payment | $3,102.47 | $3,408.17 | $3,369.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,029
Closing costs & prepaids$13,240
Usable credit−$0
Total buyer cash needed$36,268
Earnest money paid−$0
Remaining funds due$36,268
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$534.00
Initial HOA (3 months)$297.00
Prepaid interest, first (7 days)$416.35
Prepaid interest, second (7 days)$68.32
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5.54%
Interest already paid$93,563Through Dec 2026
Assumption only · ends Oct 2052$403,997
Assumption + second · ends Oct 2052, second Jan 2057$484,049
New conventional · ends Jan 2057$619,039