Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,836/mo
Lowest payment- Down payment
- $54,361
- Funds due
- $66,497
- Interest + MI left
- $420,785
- First ends
- Apr 2056
Assumption
Assumption + second
$3,152/mo
+$316/mo- Down payment
- $23,361
- Funds due
- $36,838
- Interest + MI left
- $503,505
- First ends
- Apr 2056
New loan
New conventional
$3,422/mo
+$586/mo- Down payment
- $23,361
- Funds due
- $33,707
- Interest + MI left
- $624,568
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,639 | $394,639 | $425,639 |
| Second mortgage | — | $31,000 | — |
| First P&I | $2,199.71 | $2,199.71 | $2,883.43 |
| Second P&I | — | $315.89 | — |
| Mortgage insurance | $182.58 | $182.58 | $85.13 |
| Taxes, insurance & HOA | $453.58 | $453.58 | $453.58 |
| Total housing payment | $2,835.87 | $3,151.76 | $3,422.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,361
Closing costs & prepaids$13,477
Usable credit−$0
Total buyer cash needed$36,838
Earnest money paid−$0
Remaining funds due$36,838
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)$538.75
Initial HOA (3 months)$372.00
Prepaid interest, first (9 days)$510.87
Prepaid interest, second (9 days)$90.77
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 closing29 yr 4 moOf the original 30-year loan at 5.25%
Interest already paid$13,886Through Dec 2026
Assumption only · ends Apr 2056$420,785
Assumption + second · ends Apr 2056, second Jan 2057$503,505
New conventional · ends Jan 2057$624,568