Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,304/mo
Lowest payment- Down payment
- $61,089
- Funds due
- $73,883
- Interest + MI left
- $408,506
- First ends
- Jul 2052
Assumption
Assumption + second
$3,681/mo
+$377/mo- Down payment
- $24,089
- Funds due
- $38,241
- Interest + MI left
- $507,237
- First ends
- Jul 2052
New loan
New conventional
$3,670/mo
+$366/mo- Down payment
- $24,089
- Funds due
- $35,102
- Interest + MI left
- $669,079
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $418,911 | $418,911 | $455,911 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,495.14 | $2,495.14 | $3,088.50 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $318.27 | $318.27 | $91.18 |
| Taxes, insurance & HOA | $490.67 | $490.67 | $490.67 |
| Total housing payment | $3,304.08 | $3,681.11 | $3,670.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,089
Closing costs & prepaids$14,153
Usable credit−$0
Total buyer cash needed$38,241
Earnest money paid−$0
Remaining funds due$38,241
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,800.00
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)$576.00
Initial HOA (3 months)$396.00
Prepaid interest, first (9 days)$547.45
Prepaid interest, second (9 days)$108.34
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 7 moOf the original 30-year loan at 5.3%
Interest already paid$101,826Through Dec 2026
Assumption only · ends Jul 2052$408,506
Assumption + second · ends Jul 2052, second Jan 2057$507,237
New conventional · ends Jan 2057$669,079