Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,478/mo
Lowest payment- Down payment
- $58,947
- Funds due
- $71,553
- Interest + MI left
- $435,251
- First ends
- Aug 2052
Assumption
Assumption + second
$3,824/mo
+$346/mo- Down payment
- $24,947
- Funds due
- $38,814
- Interest + MI left
- $525,977
- First ends
- Aug 2052
New loan
New conventional
$3,850/mo
+$372/mo- Down payment
- $24,947
- Funds due
- $35,533
- Interest + MI left
- $700,094
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $426,053 | $426,053 | $460,053 |
| Second mortgage | — | $34,000 | — |
| First P&I | $2,583.54 | $2,583.54 | $3,185.31 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $321.95 | $321.95 | $92.01 |
| Taxes, insurance & HOA | $572.33 | $572.33 | $572.33 |
| Total housing payment | $3,477.82 | $3,824.28 | $3,849.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,947
Closing costs & prepaids$13,867
Usable credit−$0
Total buyer cash needed$38,814
Earnest money paid−$0
Remaining funds due$38,814
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$1,217.00
Prepaid interest, first (1 days)$64.32
Prepaid interest, second (1 days)$11.06
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 5.510%
Interest already paid$103,298Through Nov 2026
Assumption only · ends Aug 2052$435,251
Assumption + second · ends Aug 2052, second Dec 2056$525,977
New conventional · ends Dec 2056$700,094