Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,278/mo
Lowest payment- Down payment
- $59,551
- Funds due
- $72,328
- Interest + MI left
- $408,089
- First ends
- Oct 2052
Assumption
Assumption + second
$3,635/mo
+$357/mo- Down payment
- $24,551
- Funds due
- $38,680
- Interest + MI left
- $501,483
- First ends
- Oct 2052
New loan
New conventional
$3,663/mo
+$385/mo- Down payment
- $24,551
- Funds due
- $35,548
- Interest + MI left
- $668,310
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,449 | $420,449 | $455,449 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,472.86 | $2,472.86 | $3,085.37 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $318.27 | $318.27 | $91.09 |
| Taxes, insurance & HOA | $487.00 | $487.00 | $487.00 |
| Total housing payment | $3,278.13 | $3,634.78 | $3,663.46 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,551
Closing costs & prepaids$14,130
Usable credit−$0
Total buyer cash needed$38,680
Earnest money paid−$0
Remaining funds due$38,680
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)$384.99
Prepaid interest, first (9 days)$541.17
Prepaid interest, second (9 days)$102.48
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 5.22%
Interest already paid$94,765Through Dec 2026
Assumption only · ends Oct 2052$408,089
Assumption + second · ends Oct 2052, second Jan 2057$501,483
New conventional · ends Jan 2057$668,310