Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,287/mo
Lowest payment- Down payment
- $67,279
- Funds due
- $79,466
- Interest + MI left
- $439,037
- First ends
- Sep 2052
Assumption
Assumption + second
$3,725/mo
+$438/mo- Down payment
- $24,279
- Funds due
- $37,744
- Interest + MI left
- $553,778
- First ends
- Sep 2052
New loan
New conventional
$3,655/mo
+$369/mo- Down payment
- $24,279
- Funds due
- $34,477
- Interest + MI left
- $685,892
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,721 | $407,721 | $450,721 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,535.54 | $2,535.54 | $3,120.70 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $306.76 | $306.76 | $90.14 |
| Taxes, insurance & HOA | $444.33 | $444.33 | $444.33 |
| Total housing payment | $3,286.63 | $3,724.80 | $3,655.18 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,279
Closing costs & prepaids$13,465
Usable credit−$0
Total buyer cash needed$37,744
Earnest money paid−$0
Remaining funds due$37,744
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)$431.00
Initial HOA (3 months)$402.00
Prepaid interest, first (2 days)$129.13
Prepaid interest, second (2 days)$27.98
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 5.780%
Interest already paid$101,428Through Nov 2026
Assumption only · ends Sep 2052$439,037
Assumption + second · ends Sep 2052, second Dec 2056$553,778
New conventional · ends Dec 2056$685,892