Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,296/mo
Lowest payment- Down payment
- $69,183
- Funds due
- $82,177
- Interest + MI left
- $402,645
- First ends
- Nov 2052
Assumption
Assumption + second
$3,744/mo
+$448/mo- Down payment
- $25,183
- Funds due
- $39,556
- Interest + MI left
- $520,055
- First ends
- Nov 2052
New loan
New conventional
$3,770/mo
+$475/mo- Down payment
- $25,183
- Funds due
- $36,416
- Interest + MI left
- $681,836
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,667 | $420,667 | $464,667 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,447.91 | $2,447.91 | $3,147.82 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $318.27 | $318.27 | $92.93 |
| Taxes, insurance & HOA | $529.58 | $529.58 | $529.58 |
| Total housing payment | $3,295.77 | $3,744.13 | $3,770.33 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,183
Closing costs & prepaids$14,373
Usable credit−$0
Total buyer cash needed$39,556
Earnest money paid−$0
Remaining funds due$39,556
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,898.50
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)$587.75
Initial HOA (3 months)$501.00
Prepaid interest, first (9 days)$532.11
Prepaid interest, second (9 days)$128.84
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 11 moOf the original 30-year loan at 5.13%
Interest already paid$91,287Through Dec 2026
Assumption only · ends Nov 2052$402,645
Assumption + second · ends Nov 2052, second Jan 2057$520,055
New conventional · ends Jan 2057$681,836