Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,822/mo
Lowest payment- Down payment
- $84,328
- Funds due
- $95,948
- Interest + MI left
- $348,778
- First ends
- Sep 2052
Assumption
Assumption + second
$3,136/mo
+$314/mo- Down payment
- $45,328
- Funds due
- $58,217
- Interest + MI left
- $422,747
- First ends
- Sep 2052
New loan
New conventional
$3,297/mo
+$475/mo- Down payment
- $45,328
- Funds due
- $54,756
- Interest + MI left
- $613,712
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,672 | $365,672 | $404,672 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,131.18 | $2,131.18 | $2,801.87 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $277.09 | $277.09 | $80.93 |
| Taxes, insurance & HOA | $414.08 | $414.08 | $414.08 |
| Total housing payment | $2,822.36 | $3,136.16 | $3,296.88 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,328
Closing costs & prepaids$12,889
Usable credit−$0
Total buyer cash needed$58,217
Earnest money paid−$0
Remaining funds due$58,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$414.25
Initial HOA (3 months)$378.00
Prepaid interest, first (2 days)$102.79
Prepaid interest, second (2 days)$19.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 10 moOf the original 30-year loan at 5.130%
Interest already paid$81,041Through Nov 2026
Assumption only · ends Sep 2052$348,778
Assumption + second · ends Sep 2052, second Dec 2056$422,747
New conventional · ends Dec 2056$613,712