Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,104/mo
Lowest payment- Down payment
- $155,186
- Funds due
- $168,162
- Interest + MI left
- $414,981
- First ends
- Sep 2052
Assumption
Assumption + second
$3,845/mo
+$741/mo- Down payment
- $54,186
- Funds due
- $68,545
- Interest + MI left
- $580,778
- First ends
- Sep 2052
New loan
New conventional
$3,799/mo
+$695/mo- Down payment
- $54,186
- Funds due
- $65,026
- Interest + MI left
- $710,194
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $384,714 | $384,714 | $485,714 |
| Second mortgage | — | $101,000 | — |
| First P&I | $2,402.87 | $2,402.87 | $3,290.40 |
| Second P&I | — | $741.10 | — |
| Mortgage insurance | $289.76 | $289.76 | $97.14 |
| Taxes, insurance & HOA | $411.67 | $411.67 | $411.67 |
| Total housing payment | $3,104.29 | $3,845.40 | $3,799.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,186
Closing costs & prepaids$14,359
Usable credit−$0
Total buyer cash needed$68,545
Earnest money paid−$0
Remaining funds due$68,545
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Initial HOA (3 months)$87.00
Prepaid interest, first (6 days)$367.43
Prepaid interest, second (6 days)$132.82
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$98,185Through Dec 2026
Assumption only · ends Sep 2052$414,981
Assumption + second · ends Sep 2052, second Jan 2057$580,778
New conventional · ends Jan 2057$710,194