Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,346/mo
Lowest payment- Down payment
- $58,909
- Funds due
- $71,409
- Interest + MI left
- $410,156
- First ends
- Oct 2052
Assumption
Assumption + second
$3,692/mo
+$346/mo- Down payment
- $24,909
- Funds due
- $38,670
- Interest + MI left
- $500,881
- First ends
- Oct 2052
New loan
New conventional
$3,797/mo
+$451/mo- Down payment
- $24,909
- Funds due
- $35,391
- Interest + MI left
- $692,543
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,091 | $421,091 | $455,091 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,472.86 | $2,472.86 | $3,150.96 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $318.27 | $318.27 | $91.02 |
| Taxes, insurance & HOA | $554.66 | $554.66 | $554.66 |
| Total housing payment | $3,345.80 | $3,692.26 | $3,796.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,909
Closing costs & prepaids$13,760
Usable credit−$0
Total buyer cash needed$38,670
Earnest money paid−$0
Remaining funds due$38,670
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)$779.00
Initial HOA (3 months)$384.99
Prepaid interest, first (1 days)$60.22
Prepaid interest, second (1 days)$11.06
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 5.220%
Interest already paid$92,933Through Nov 2026
Assumption only · ends Oct 2052$410,156
Assumption + second · ends Oct 2052, second Dec 2056$500,881
New conventional · ends Dec 2056$692,543