Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,176/mo
Lowest payment- Down payment
- $123,908
- Funds due
- $137,029
- Interest + MI left
- $410,156
- First ends
- Nov 2052
Assumption
Assumption + second
$3,731/mo
+$555/mo- Down payment
- $54,908
- Funds due
- $69,433
- Interest + MI left
- $541,024
- First ends
- Nov 2052
New loan
New conventional
$3,803/mo
+$627/mo- Down payment
- $54,908
- Funds due
- $66,006
- Interest + MI left
- $716,594
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,091 | $421,091 | $490,091 |
| Second mortgage | — | $69,000 | — |
| First P&I | $2,472.86 | $2,472.86 | $3,320.05 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $318.27 | $318.27 | $98.02 |
| Taxes, insurance & HOA | $384.67 | $384.67 | $384.67 |
| Total housing payment | $3,175.80 | $3,730.99 | $3,802.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,908
Closing costs & prepaids$14,524
Usable credit−$0
Total buyer cash needed$69,433
Earnest money paid−$0
Remaining funds due$69,433
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.99
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)$654.00
Prepaid interest, first (9 days)$542.00
Prepaid interest, second (9 days)$153.12
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$92,933Through Dec 2026
Assumption only · ends Nov 2052$410,156
Assumption + second · ends Nov 2052, second Jan 2057$541,024
New conventional · ends Jan 2057$716,594