Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
Lowest payment- Down payment
- $63,430
- Funds due
- $74,894
- Interest + MI left
- $369,036
- First ends
- Sep 2052
Assumption
Assumption + second
$3,209/mo
+$428/mo- Down payment
- $21,430
- Funds due
- $34,267
- Interest + MI left
- $481,109
- First ends
- Sep 2052
New loan
New conventional
$3,127/mo
+$347/mo- Down payment
- $21,430
- Funds due
- $31,102
- Interest + MI left
- $590,798
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,570 | $360,570 | $402,570 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,188.63 | $2,188.63 | $2,727.15 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $272.44 | $272.44 | $80.51 |
| Taxes, insurance & HOA | $319.58 | $319.58 | $319.58 |
| Total housing payment | $2,780.65 | $3,208.63 | $3,127.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,430
Closing costs & prepaids$12,838
Usable credit−$0
Total buyer cash needed$34,267
Earnest money paid−$0
Remaining funds due$34,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,240.00
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)$508.75
Prepaid interest, first (9 days)$490.77
Prepaid interest, second (9 days)$122.98
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$87,575Through Dec 2026
Assumption only · ends Sep 2052$369,036
Assumption + second · ends Sep 2052, second Jan 2057$481,109
New conventional · ends Jan 2057$590,798