Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,371/mo
Lowest payment- Down payment
- $68,536
- Funds due
- $81,343
- Interest + MI left
- $404,682
- First ends
- Nov 2052
Assumption
Assumption + second
$3,819/mo
+$448/mo- Down payment
- $24,536
- Funds due
- $38,622
- Interest + MI left
- $522,091
- First ends
- Nov 2052
New loan
New conventional
$3,920/mo
+$549/mo- Down payment
- $24,536
- Funds due
- $35,368
- Interest + MI left
- $708,193
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,314 | $421,314 | $465,314 |
| Second mortgage | — | $44,000 | — |
| First P&I | $2,447.91 | $2,447.91 | $3,221.74 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $318.27 | $318.27 | $93.06 |
| Taxes, insurance & HOA | $604.92 | $604.92 | $604.92 |
| Total housing payment | $3,371.11 | $3,819.47 | $3,919.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,536
Closing costs & prepaids$14,085
Usable credit−$0
Total buyer cash needed$38,622
Earnest money paid−$0
Remaining funds due$38,622
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,898.50
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)$813.75
Initial HOA (3 months)$501.00
Prepaid interest, first (2 days)$118.43
Prepaid interest, second (2 days)$28.63
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 closing26 yrOf the original 30-year loan at 5.130%
Interest already paid$89,486Through Nov 2026
Assumption only · ends Nov 2052$404,682
Assumption + second · ends Nov 2052, second Dec 2056$522,091
New conventional · ends Dec 2056$708,193