Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,845/mo
Lowest payment- Down payment
- $59,715
- Funds due
- $71,430
- Interest + MI left
- $362,842
- First ends
- Nov 2052
Assumption
Assumption + second
$3,232/mo
+$387/mo- Down payment
- $21,715
- Funds due
- $34,791
- Interest + MI left
- $464,241
- First ends
- Nov 2052
New loan
New conventional
$3,194/mo
+$349/mo- Down payment
- $21,715
- Funds due
- $31,637
- Interest + MI left
- $582,962
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $359,285 | $359,285 | $397,285 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,150.69 | $2,150.69 | $2,691.35 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $270.99 | $270.99 | $79.46 |
| Taxes, insurance & HOA | $423.58 | $423.58 | $423.58 |
| Total housing payment | $2,845.27 | $3,232.49 | $3,194.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,715
Closing costs & prepaids$13,076
Usable credit−$0
Total buyer cash needed$34,791
Earnest money paid−$0
Remaining funds due$34,791
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,190.00
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)$502.75
Initial HOA (3 months)$318.00
Prepaid interest, first (9 days)$479.28
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 11 moOf the original 30-year loan at 5.41%
Interest already paid$82,089Through Dec 2026
Assumption only · ends Nov 2052$362,842
Assumption + second · ends Nov 2052, second Jan 2057$464,241
New conventional · ends Jan 2057$582,962