Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,655/mo
Lowest payment- Down payment
- $68,765
- Funds due
- $82,062
- Interest + MI left
- $465,161
- First ends
- Sep 2052
Assumption
Assumption + second
$4,093/mo
+$438/mo- Down payment
- $25,765
- Funds due
- $40,396
- Interest + MI left
- $579,902
- First ends
- Sep 2052
New loan
New conventional
$3,944/mo
+$289/mo- Down payment
- $25,765
- Funds due
- $37,152
- Interest + MI left
- $695,876
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $431,235 | $431,235 | $474,235 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,693.42 | $2,693.42 | $3,212.63 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $324.80 | $324.80 | $94.85 |
| Taxes, insurance & HOA | $636.67 | $636.67 | $636.67 |
| Total housing payment | $3,654.89 | $4,093.06 | $3,944.15 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,765
Closing costs & prepaids$14,631
Usable credit−$0
Total buyer cash needed$40,396
Earnest money paid−$0
Remaining funds due$40,396
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,000.00
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)$600.00
Initial HOA (3 months)$810.00
Prepaid interest, first (6 days)$411.86
Prepaid interest, second (6 days)$83.94
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 5.81%
Interest already paid$110,058Through Dec 2026
Assumption only · ends Sep 2052$465,161
Assumption + second · ends Sep 2052, second Jan 2057$579,902
New conventional · ends Jan 2057$695,876