Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,933/mo
Lowest payment- Down payment
- $83,107
- Funds due
- $94,765
- Interest + MI left
- $395,772
- First ends
- Oct 2052
Assumption
Assumption + second
$3,215/mo
+$282/mo- Down payment
- $48,107
- Funds due
- $61,024
- Interest + MI left
- $462,155
- First ends
- Oct 2052
New loan
New conventional
$3,333/mo
+$400/mo- Down payment
- $48,107
- Funds due
- $57,512
- Interest + MI left
- $647,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $391,893 | $391,893 | $426,893 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,345.88 | $2,345.88 | $2,955.72 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $295.59 | $295.59 | $85.38 |
| Taxes, insurance & HOA | $291.67 | $291.67 | $291.67 |
| Total housing payment | $2,933.14 | $3,214.76 | $3,332.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,107
Closing costs & prepaids$12,917
Usable credit−$0
Total buyer cash needed$61,024
Earnest money paid−$0
Remaining funds due$61,024
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$375.00
Prepaid interest, first (1 days)$58.09
Prepaid interest, second (1 days)$8.63
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.410%
Interest already paid$89,539Through Nov 2026
Assumption only · ends Oct 2052$395,772
Assumption + second · ends Oct 2052, second Dec 2056$462,155
New conventional · ends Dec 2056$647,327