Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,774/mo
Lowest payment- Down payment
- $78,768
- Funds due
- $90,347
- Interest + MI left
- $356,722
- First ends
- Nov 2052
Assumption
Assumption + second
$3,048/mo
+$274/mo- Down payment
- $44,768
- Funds due
- $57,648
- Interest + MI left
- $421,208
- First ends
- Nov 2052
New loan
New conventional
$3,138/mo
+$364/mo- Down payment
- $44,768
- Funds due
- $54,258
- Interest + MI left
- $585,205
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,232 | $366,232 | $400,232 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,150.71 | $2,150.71 | $2,711.31 |
| Second P&I | — | $273.57 | — |
| Mortgage insurance | $276.81 | $276.81 | $80.05 |
| Taxes, insurance & HOA | $346.75 | $346.75 | $346.75 |
| Total housing payment | $2,774.27 | $3,047.84 | $3,138.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,768
Closing costs & prepaids$12,880
Usable credit−$0
Total buyer cash needed$57,648
Earnest money paid−$0
Remaining funds due$57,648
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,450.00
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)$56.25
Prepaid interest, first (6 days)$314.26
Prepaid interest, second (6 days)$50.30
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$80,826Through Dec 2026
Assumption only · ends Nov 2052$356,722
Assumption + second · ends Nov 2052, second Jan 2057$421,208
New conventional · ends Jan 2057$585,205