Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,725/mo
Lowest payment- Down payment
- $52,060
- Funds due
- $63,549
- Interest + MI left
- $337,057
- First ends
- Oct 2052
Assumption
Assumption + second
$3,061/mo
+$336/mo- Down payment
- $19,060
- Funds due
- $31,896
- Interest + MI left
- $425,114
- First ends
- Oct 2052
New loan
New conventional
$3,003/mo
+$278/mo- Down payment
- $19,060
- Funds due
- $28,749
- Interest + MI left
- $528,235
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $326,940 | $326,940 | $359,940 |
| Second mortgage | — | $33,000 | — |
| First P&I | $1,985.54 | $1,985.54 | $2,438.36 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $246.61 | $246.61 | $71.99 |
| Taxes, insurance & HOA | $492.58 | $492.58 | $492.58 |
| Total housing payment | $2,724.74 | $3,061.01 | $3,002.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,060
Closing costs & prepaids$12,836
Usable credit−$0
Total buyer cash needed$31,896
Earnest money paid−$0
Remaining funds due$31,896
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,790.00
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)$454.75
Initial HOA (3 months)$573.00
Prepaid interest, first (9 days)$446.61
Prepaid interest, second (9 days)$96.63
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 5.54%
Interest already paid$78,060Through Dec 2026
Assumption only · ends Oct 2052$337,057
Assumption + second · ends Oct 2052, second Jan 2057$425,114
New conventional · ends Jan 2057$528,235