Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,230/mo
Lowest payment- Down payment
- $48,762
- Funds due
- $61,075
- Interest + MI left
- $431,128
- First ends
- Sep 2052
Assumption
Assumption + second
$3,485/mo
+$255/mo- Down payment
- $23,762
- Funds due
- $37,398
- Interest + MI left
- $497,838
- First ends
- Sep 2052
New loan
New conventional
$3,467/mo
+$237/mo- Down payment
- $23,762
- Funds due
- $34,253
- Interest + MI left
- $654,883
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,238 | $421,238 | $446,238 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,556.88 | $2,556.88 | $3,022.97 |
| Second P&I | — | $254.75 | — |
| Mortgage insurance | $318.27 | $318.27 | $89.25 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $3,229.82 | $3,484.57 | $3,466.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,762
Closing costs & prepaids$13,636
Usable credit−$0
Total buyer cash needed$37,398
Earnest money paid−$0
Remaining funds due$37,398
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$564.00
Prepaid interest, first (9 days)$573.34
Prepaid interest, second (9 days)$73.20
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$102,310Through Dec 2026
Assumption only · ends Sep 2052$431,128
Assumption + second · ends Sep 2052, second Jan 2057$497,838
New conventional · ends Jan 2057$654,883