Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,740/mo
Lowest payment- Down payment
- $67,028
- Funds due
- $78,590
- Interest + MI left
- $350,170
- First ends
- Oct 2052
Assumption
Assumption + second
$2,941/mo
+$201/mo- Down payment
- $42,028
- Funds due
- $54,895
- Interest + MI left
- $397,586
- First ends
- Oct 2052
New loan
New conventional
$2,992/mo
+$252/mo- Down payment
- $42,028
- Funds due
- $51,566
- Interest + MI left
- $545,347
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,972 | $347,972 | $372,972 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,086.06 | $2,086.06 | $2,526.64 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $262.85 | $262.85 | $74.59 |
| Taxes, insurance & HOA | $391.00 | $391.00 | $391.00 |
| Total housing payment | $2,739.91 | $2,941.06 | $2,992.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,028
Closing costs & prepaids$12,868
Usable credit−$0
Total buyer cash needed$54,895
Earnest money paid−$0
Remaining funds due$54,895
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Initial HOA (3 months)$225.00
Prepaid interest, first (9 days)$464.19
Prepaid interest, second (9 days)$55.48
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$81,193Through Dec 2026
Assumption only · ends Oct 2052$350,170
Assumption + second · ends Oct 2052, second Jan 2057$397,586
New conventional · ends Jan 2057$545,347