Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,338/mo
Lowest payment- Down payment
- $73,074
- Funds due
- $85,918
- Interest + MI left
- $379,183
- First ends
- Jul 2052
Assumption
Assumption + second
$3,539/mo
+$201/mo- Down payment
- $48,074
- Funds due
- $62,174
- Interest + MI left
- $426,599
- First ends
- Jul 2052
New loan
New conventional
$3,729/mo
+$391/mo- Down payment
- $48,074
- Funds due
- $58,667
- Interest + MI left
- $647,377
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $401,926 | $401,926 | $426,926 |
| Second mortgage | — | $25,000 | — |
| First P&I | $2,345.05 | $2,345.05 | $2,955.95 |
| Second P&I | — | $201.16 | — |
| Mortgage insurance | $305.59 | $305.59 | $85.39 |
| Taxes, insurance & HOA | $687.50 | $687.50 | $687.50 |
| Total housing payment | $3,338.13 | $3,539.29 | $3,728.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,074
Closing costs & prepaids$14,100
Usable credit−$0
Total buyer cash needed$62,174
Earnest money paid−$0
Remaining funds due$62,174
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$1,187.50
Initial HOA (3 months)$375.00
Prepaid interest, first (1 days)$56.27
Prepaid interest, second (1 days)$6.16
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 8 moOf the original 30-year loan at 5.110%
Interest already paid$92,448Through Nov 2026
Assumption only · ends Jul 2052$379,183
Assumption + second · ends Jul 2052, second Dec 2056$426,599
New conventional · ends Dec 2056$647,377