Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,329/mo
Lowest payment- Down payment
- $57,850
- Funds due
- $70,515
- Interest + MI left
- $436,843
- First ends
- Sep 2052
Assumption
Assumption + second
$3,675/mo
+$346/mo- Down payment
- $23,850
- Funds due
- $37,865
- Interest + MI left
- $527,568
- First ends
- Sep 2052
New loan
New conventional
$3,563/mo
+$234/mo- Down payment
- $23,850
- Funds due
- $34,678
- Interest + MI left
- $647,328
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,150 | $407,150 | $441,150 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,535.54 | $2,535.54 | $2,988.50 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $306.76 | $306.76 | $88.23 |
| Taxes, insurance & HOA | $486.67 | $486.67 | $486.67 |
| Total housing payment | $3,328.96 | $3,675.42 | $3,563.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,850
Closing costs & prepaids$14,015
Usable credit−$0
Total buyer cash needed$37,865
Earnest money paid−$0
Remaining funds due$37,865
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,650.00
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)$558.00
Initial HOA (3 months)$402.00
Prepaid interest, first (9 days)$580.27
Prepaid interest, second (9 days)$99.55
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 5.78%
Interest already paid$103,392Through Dec 2026
Assumption only · ends Sep 2052$436,843
Assumption + second · ends Sep 2052, second Jan 2057$527,568
New conventional · ends Jan 2057$647,328