Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,311/mo
Lowest payment- Down payment
- $74,386
- Funds due
- $87,021
- Interest + MI left
- $389,339
- First ends
- Oct 2052
Assumption
Assumption + second
$3,545/mo
+$233/mo- Down payment
- $45,386
- Funds due
- $59,285
- Interest + MI left
- $444,342
- First ends
- Oct 2052
New loan
New conventional
$3,631/mo
+$319/mo- Down payment
- $45,386
- Funds due
- $55,817
- Interest + MI left
- $613,624
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $375,614 | $375,614 | $404,614 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,280.11 | $2,280.11 | $2,801.47 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $282.89 | $282.89 | $80.92 |
| Taxes, insurance & HOA | $748.50 | $748.50 | $748.50 |
| Total housing payment | $3,311.50 | $3,544.84 | $3,630.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,386
Closing costs & prepaids$13,899
Usable credit−$0
Total buyer cash needed$59,285
Earnest money paid−$0
Remaining funds due$59,285
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)$1,730.25
Initial HOA (3 months)$65.25
Prepaid interest, first (2 days)$114.23
Prepaid interest, second (2 days)$14.30
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 5.550%
Interest already paid$87,971Through Nov 2026
Assumption only · ends Oct 2052$389,339
Assumption + second · ends Oct 2052, second Dec 2056$444,342
New conventional · ends Dec 2056$613,624