Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,775/mo
Lowest payment- Down payment
- $136,231
- Funds due
- $148,850
- Interest + MI left
- $344,582
- First ends
- Nov 2052
Assumption
Assumption + second
$3,475/mo
+$700/mo- Down payment
- $49,231
- Funds due
- $63,293
- Interest + MI left
- $509,590
- First ends
- Nov 2052
New loan
New conventional
$3,504/mo
+$729/mo- Down payment
- $49,231
- Funds due
- $59,883
- Interest + MI left
- $644,477
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,769 | $353,769 | $440,769 |
| Second mortgage | — | $87,000 | — |
| First P&I | $2,077.52 | $2,077.52 | $2,985.92 |
| Second P&I | — | $700.02 | — |
| Mortgage insurance | $267.39 | $267.39 | $88.15 |
| Taxes, insurance & HOA | $429.67 | $429.67 | $429.67 |
| Total housing payment | $2,774.57 | $3,474.59 | $3,503.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$49,231
Closing costs & prepaids$14,062
Usable credit−$0
Total buyer cash needed$63,293
Earnest money paid−$0
Remaining funds due$63,293
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,900.00
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)$588.00
Initial HOA (3 months)$201.00
Prepaid interest, first (9 days)$455.34
Prepaid interest, second (9 days)$193.07
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 5.22%
Interest already paid$78,075Through Dec 2026
Assumption only · ends Nov 2052$344,582
Assumption + second · ends Nov 2052, second Jan 2057$509,590
New conventional · ends Jan 2057$644,477