Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,484/mo
Lowest payment- Down payment
- $59,574
- Funds due
- $72,393
- Interest + MI left
- $433,058
- First ends
- Aug 2052
Assumption
Assumption + second
$3,841/mo
+$357/mo- Down payment
- $24,574
- Funds due
- $38,688
- Interest + MI left
- $526,452
- First ends
- Aug 2052
New loan
New conventional
$3,768/mo
+$284/mo- Down payment
- $24,574
- Funds due
- $35,449
- Interest + MI left
- $667,776
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $425,426 | $425,426 | $460,426 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,583.54 | $2,583.54 | $3,097.32 |
| Second P&I | — | $356.65 | — |
| Mortgage insurance | $321.95 | $321.95 | $92.09 |
| Taxes, insurance & HOA | $578.92 | $578.92 | $578.92 |
| Total housing payment | $3,484.40 | $3,841.05 | $3,768.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$24,574
Closing costs & prepaids$14,114
Usable credit−$0
Total buyer cash needed$38,688
Earnest money paid−$0
Remaining funds due$38,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,850.00
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)$1,236.75
Prepaid interest, first (4 days)$256.89
Prepaid interest, second (4 days)$45.55
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5.51%
Interest already paid$105,255Through Dec 2026
Assumption only · ends Aug 2052$433,058
Assumption + second · ends Aug 2052, second Jan 2057$526,452
New conventional · ends Jan 2057$667,776