Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,962/mo
Lowest payment- Down payment
- $62,834
- Funds due
- $74,678
- Interest + MI left
- $347,335
- First ends
- Sep 2052
Assumption
Assumption + second
$3,380/mo
+$418/mo- Down payment
- $21,834
- Funds due
- $34,955
- Interest + MI left
- $456,739
- First ends
- Sep 2052
New loan
New conventional
$3,426/mo
+$463/mo- Down payment
- $21,834
- Funds due
- $31,719
- Interest + MI left
- $605,916
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $357,166 | $357,166 | $398,166 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,102.79 | $2,102.79 | $2,756.82 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $270.34 | $270.34 | $79.63 |
| Taxes, insurance & HOA | $589.08 | $589.08 | $589.08 |
| Total housing payment | $2,962.21 | $3,380.00 | $3,425.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,834
Closing costs & prepaids$13,121
Usable credit−$0
Total buyer cash needed$34,955
Earnest money paid−$0
Remaining funds due$34,955
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$1,317.25
Prepaid interest, first (2 days)$102.36
Prepaid interest, second (2 days)$26.68
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 5.230%
Interest already paid$80,651Through Nov 2026
Assumption only · ends Sep 2052$347,335
Assumption + second · ends Sep 2052, second Dec 2056$456,739
New conventional · ends Dec 2056$605,916