Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,864/mo
Lowest payment- Down payment
- $84,896
- Funds due
- $97,001
- Interest + MI left
- $347,013
- First ends
- Sep 2052
Assumption
Assumption + second
$3,178/mo
+$314/mo- Down payment
- $45,896
- Funds due
- $59,337
- Interest + MI left
- $420,982
- First ends
- Sep 2052
New loan
New conventional
$3,274/mo
+$410/mo- Down payment
- $45,896
- Funds due
- $55,995
- Interest + MI left
- $590,786
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $365,104 | $365,104 | $404,104 |
| Second mortgage | — | $39,000 | — |
| First P&I | $2,131.18 | $2,131.18 | $2,737.54 |
| Second P&I | — | $313.80 | — |
| Mortgage insurance | $277.09 | $277.09 | $80.82 |
| Taxes, insurance & HOA | $456.00 | $456.00 | $456.00 |
| Total housing payment | $2,864.28 | $3,178.08 | $3,274.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,896
Closing costs & prepaids$13,441
Usable credit−$0
Total buyer cash needed$59,337
Earnest money paid−$0
Remaining funds due$59,337
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$540.00
Initial HOA (3 months)$378.00
Prepaid interest, first (9 days)$461.83
Prepaid interest, second (9 days)$86.55
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 5.13%
Interest already paid$82,604Through Dec 2026
Assumption only · ends Sep 2052$347,013
Assumption + second · ends Sep 2052, second Jan 2057$420,982
New conventional · ends Jan 2057$590,786