Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,211/mo
Lowest payment- Down payment
- $50,605
- Funds due
- $62,723
- Interest + MI left
- $429,984
- First ends
- Oct 2052
Assumption
Assumption + second
$3,486/mo
+$275/mo- Down payment
- $23,605
- Funds due
- $37,026
- Interest + MI left
- $502,031
- First ends
- Oct 2052
New loan
New conventional
$3,468/mo
+$257/mo- Down payment
- $23,605
- Funds due
- $33,835
- Interest + MI left
- $655,114
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,395 | $419,395 | $446,395 |
| Second mortgage | — | $27,000 | — |
| First P&I | $2,539.45 | $2,539.45 | $3,024.04 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $316.45 | $316.45 | $89.28 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $3,210.57 | $3,485.70 | $3,467.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,605
Closing costs & prepaids$13,422
Usable credit−$0
Total buyer cash needed$37,026
Earnest money paid−$0
Remaining funds due$37,026
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Prepaid interest, first (6 days)$379.87
Prepaid interest, second (6 days)$52.71
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 5.51%
Interest already paid$99,610Through Dec 2026
Assumption only · ends Oct 2052$429,984
Assumption + second · ends Oct 2052, second Jan 2057$502,031
New conventional · ends Jan 2057$655,114