Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,270/mo
Lowest payment- Down payment
- $60,360
- Funds due
- $72,833
- Interest + MI left
- $398,547
- First ends
- Oct 2052
Assumption
Assumption + second
$3,647/mo
+$377/mo- Down payment
- $23,360
- Funds due
- $37,107
- Interest + MI left
- $497,277
- First ends
- Oct 2052
New loan
New conventional
$3,685/mo
+$415/mo- Down payment
- $23,360
- Funds due
- $33,857
- Interest + MI left
- $656,856
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $394,640 | $394,640 | $431,640 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,362.33 | $2,362.33 | $2,988.59 |
| Second P&I | — | $377.03 | — |
| Mortgage insurance | $297.66 | $297.66 | $86.33 |
| Taxes, insurance & HOA | $610.17 | $610.17 | $610.17 |
| Total housing payment | $3,270.16 | $3,647.19 | $3,685.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,360
Closing costs & prepaids$13,747
Usable credit−$0
Total buyer cash needed$37,107
Earnest money paid−$0
Remaining funds due$37,107
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$1,293.00
Initial HOA (3 months)$37.50
Prepaid interest, first (2 days)$116.99
Prepaid interest, second (2 days)$24.08
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$90,167Through Nov 2026
Assumption only · ends Oct 2052$398,547
Assumption + second · ends Oct 2052, second Dec 2056$497,277
New conventional · ends Dec 2056$656,856