Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,590/mo
Lowest payment- Down payment
- $129,181
- Funds due
- $143,475
- Interest + MI left
- $422,471
- First ends
- Oct 2052
Assumption
Assumption + second
$4,186/mo
+$595/mo- Down payment
- $55,181
- Funds due
- $70,889
- Interest + MI left
- $562,822
- First ends
- Oct 2052
New loan
New conventional
$4,200/mo
+$610/mo- Down payment
- $55,181
- Funds due
- $67,437
- Interest + MI left
- $722,045
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $419,819 | $419,819 | $493,819 |
| Second mortgage | — | $74,000 | — |
| First P&I | $2,516.77 | $2,516.77 | $3,345.30 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $317.12 | $317.12 | $98.76 |
| Taxes, insurance & HOA | $756.25 | $756.25 | $756.25 |
| Total housing payment | $3,590.14 | $4,185.56 | $4,200.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,181
Closing costs & prepaids$15,708
Usable credit−$0
Total buyer cash needed$70,889
Earnest money paid−$0
Remaining funds due$70,889
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$658.75
Initial HOA (3 months)$1,110.00
Prepaid interest, first (9 days)$560.03
Prepaid interest, second (9 days)$164.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.41%
Interest already paid$97,957Through Dec 2026
Assumption only · ends Oct 2052$422,471
Assumption + second · ends Oct 2052, second Jan 2057$562,822
New conventional · ends Jan 2057$722,045