Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,078/mo
Lowest payment- Down payment
- $103,616
- Funds due
- $116,282
- Interest + MI left
- $403,919
- First ends
- Oct 2052
Assumption
Assumption + second
$3,505/mo
+$426/mo- Down payment
- $50,616
- Funds due
- $64,650
- Interest + MI left
- $504,441
- First ends
- Oct 2052
New loan
New conventional
$3,538/mo
+$460/mo- Down payment
- $50,616
- Funds due
- $61,245
- Interest + MI left
- $664,385
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,384 | $401,384 | $454,384 |
| Second mortgage | — | $53,000 | — |
| First P&I | $2,406.25 | $2,406.25 | $3,078.16 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $303.20 | $303.20 | $90.88 |
| Taxes, insurance & HOA | $368.67 | $368.67 | $368.67 |
| Total housing payment | $3,078.12 | $3,504.57 | $3,537.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,616
Closing costs & prepaids$14,034
Usable credit−$0
Total buyer cash needed$64,650
Earnest money paid−$0
Remaining funds due$64,650
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$606.00
Prepaid interest, first (9 days)$535.44
Prepaid interest, second (9 days)$117.62
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$93,656Through Dec 2026
Assumption only · ends Oct 2052$403,919
Assumption + second · ends Oct 2052, second Jan 2057$504,441
New conventional · ends Jan 2057$664,385