Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,728/mo
Lowest payment- Down payment
- $61,109
- Funds due
- $75,171
- Interest + MI left
- $345,326
- First ends
- Mar 2052
Assumption
Assumption + second
$4,065/mo
+$336/mo- Down payment
- $28,109
- Funds due
- $43,442
- Interest + MI left
- $433,383
- First ends
- Mar 2052
New loan
New conventional
$4,584/mo
+$855/mo- Down payment
- $28,109
- Funds due
- $40,202
- Interest + MI left
- $809,521
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $498,891 | $498,891 | $531,891 |
| Second mortgage | — | $33,000 | — |
| First P&I | $2,544.59 | $2,544.59 | $3,682.71 |
| Second P&I | — | $336.27 | — |
| Mortgage insurance | $389.19 | $389.19 | $106.38 |
| Taxes, insurance & HOA | $794.58 | $794.58 | $794.58 |
| Total housing payment | $3,728.37 | $4,064.64 | $4,583.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,109
Closing costs & prepaids$15,333
Usable credit−$0
Total buyer cash needed$43,442
Earnest money paid−$0
Remaining funds due$43,442
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,600.00
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)$1,774.25
Initial HOA (3 months)$109.50
Prepaid interest, first (2 days)$102.51
Prepaid interest, second (2 days)$21.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 4 moOf the original 30-year loan at 3.750%
Interest already paid$91,938Through Nov 2026
Assumption only · ends Mar 2052$345,326
Assumption + second · ends Mar 2052, second Dec 2056$433,383
New conventional · ends Dec 2056$809,521