Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,337/mo
Lowest payment- Down payment
- $55,089
- Funds due
- $68,008
- Interest + MI left
- $344,872
- First ends
- Sep 2052
Assumption
Assumption + second
$3,683/mo
+$346/mo- Down payment
- $21,089
- Funds due
- $35,280
- Interest + MI left
- $435,598
- First ends
- Sep 2052
New loan
New conventional
$3,732/mo
+$396/mo- Down payment
- $21,089
- Funds due
- $32,051
- Interest + MI left
- $584,223
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,911 | $349,911 | $383,911 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,074.66 | $2,074.66 | $2,658.12 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $264.64 | $264.64 | $76.78 |
| Taxes, insurance & HOA | $997.50 | $997.50 | $997.50 |
| Total housing payment | $3,336.80 | $3,683.26 | $3,732.40 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,089
Closing costs & prepaids$14,191
Usable credit−$0
Total buyer cash needed$35,280
Earnest money paid−$0
Remaining funds due$35,280
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,050.00
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)$1,012.50
Initial HOA (3 months)$1,530.00
Prepaid interest, first (2 days)$101.62
Prepaid interest, second (2 days)$22.12
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 10 moOf the original 30-year loan at 5.300%
Interest already paid$80,037Through Nov 2026
Assumption only · ends Sep 2052$344,872
Assumption + second · ends Sep 2052, second Dec 2056$435,598
New conventional · ends Dec 2056$584,223