Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,120/mo
Lowest payment- Down payment
- $61,166
- Funds due
- $73,205
- Interest + MI left
- $418,346
- First ends
- Sep 2052
Assumption
Assumption + second
$3,508/mo
+$387/mo- Down payment
- $23,166
- Funds due
- $36,566
- Interest + MI left
- $519,745
- First ends
- Sep 2052
New loan
New conventional
$3,376/mo
+$255/mo- Down payment
- $23,166
- Funds due
- $33,371
- Interest + MI left
- $624,854
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,834 | $387,834 | $425,834 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,422.35 | $2,422.35 | $2,884.75 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $292.11 | $292.11 | $85.17 |
| Taxes, insurance & HOA | $406.00 | $406.00 | $406.00 |
| Total housing payment | $3,120.46 | $3,507.68 | $3,375.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,166
Closing costs & prepaids$13,400
Usable credit−$0
Total buyer cash needed$36,566
Earnest money paid−$0
Remaining funds due$36,566
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$538.75
Initial HOA (3 months)$229.26
Prepaid interest, first (9 days)$555.61
Prepaid interest, second (9 days)$111.27
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 5.81%
Interest already paid$98,982Through Dec 2026
Assumption only · ends Sep 2052$418,346
Assumption + second · ends Sep 2052, second Jan 2057$519,745
New conventional · ends Jan 2057$624,854