Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,666/mo
Lowest payment- Down payment
- $63,301
- Funds due
- $74,880
- Interest + MI left
- $311,967
- First ends
- Sep 2052
Assumption
Assumption + second
$3,094/mo
+$428/mo- Down payment
- $21,301
- Funds due
- $34,253
- Interest + MI left
- $424,040
- First ends
- Sep 2052
New loan
New conventional
$3,195/mo
+$529/mo- Down payment
- $21,301
- Funds due
- $31,166
- Interest + MI left
- $592,455
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $361,699 | $361,699 | $403,699 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,009.97 | $2,009.97 | $2,734.80 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $276.11 | $276.11 | $80.74 |
| Taxes, insurance & HOA | $379.58 | $379.58 | $379.58 |
| Total housing payment | $2,665.66 | $3,093.64 | $3,195.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,301
Closing costs & prepaids$12,951
Usable credit−$0
Total buyer cash needed$34,253
Earnest money paid−$0
Remaining funds due$34,253
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$510.00
Initial HOA (3 months)$178.74
Prepaid interest, first (9 days)$414.72
Prepaid interest, second (9 days)$122.98
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 9 moOf the original 30-year loan at 4.65%
Interest already paid$74,404Through Dec 2026
Assumption only · ends Sep 2052$311,967
Assumption + second · ends Sep 2052, second Jan 2057$424,040
New conventional · ends Jan 2057$592,455