Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,053/mo
Lowest payment- Down payment
- $60,624
- Funds due
- $71,968
- Interest + MI left
- $420,446
- First ends
- Sep 2052
Assumption
Assumption + second
$3,441/mo
+$387/mo- Down payment
- $22,624
- Funds due
- $35,230
- Interest + MI left
- $521,845
- First ends
- Sep 2052
New loan
New conventional
$3,376/mo
+$323/mo- Down payment
- $22,624
- Funds due
- $31,966
- Interest + MI left
- $648,930
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $388,376 | $388,376 | $426,376 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,422.35 | $2,422.35 | $2,952.14 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $292.11 | $292.11 | $85.28 |
| Taxes, insurance & HOA | $338.84 | $338.84 | $338.84 |
| Total housing payment | $3,053.30 | $3,440.52 | $3,376.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$22,624
Closing costs & prepaids$12,606
Usable credit−$0
Total buyer cash needed$35,230
Earnest money paid−$0
Remaining funds due$35,230
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,490.00
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)$337.25
Initial HOA (3 months)$229.26
Prepaid interest, first (1 days)$61.82
Prepaid interest, second (1 days)$12.36
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 10 moOf the original 30-year loan at 5.810%
Interest already paid$97,101Through Nov 2026
Assumption only · ends Sep 2052$420,446
Assumption + second · ends Sep 2052, second Dec 2056$521,845
New conventional · ends Dec 2056$648,930