Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,252/mo
Lowest payment- Down payment
- $61,752
- Funds due
- $74,590
- Interest + MI left
- $388,341
- First ends
- Aug 2052
Assumption
Assumption + second
$3,639/mo
+$387/mo- Down payment
- $23,752
- Funds due
- $37,952
- Interest + MI left
- $489,740
- First ends
- Aug 2052
New loan
New conventional
$3,679/mo
+$427/mo- Down payment
- $23,752
- Funds due
- $34,833
- Interest + MI left
- $662,236
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $413,248 | $413,248 | $451,248 |
| Second mortgage | — | $38,000 | — |
| First P&I | $2,406.23 | $2,406.23 | $3,056.91 |
| Second P&I | — | $387.22 | — |
| Mortgage insurance | $314.27 | $314.27 | $90.25 |
| Taxes, insurance & HOA | $531.67 | $531.67 | $531.67 |
| Total housing payment | $3,252.17 | $3,639.39 | $3,678.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,752
Closing costs & prepaids$14,200
Usable credit−$0
Total buyer cash needed$37,952
Earnest money paid−$0
Remaining funds due$37,952
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)$570.00
Initial HOA (3 months)$525.00
Prepaid interest, first (9 days)$518.65
Prepaid interest, second (9 days)$111.27
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 8 moOf the original 30-year loan at 5.09%
Interest already paid$94,692Through Dec 2026
Assumption only · ends Aug 2052$388,341
Assumption + second · ends Aug 2052, second Jan 2057$489,740
New conventional · ends Jan 2057$662,236