Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,053/mo
Lowest payment- Down payment
- $171,676
- Funds due
- $187,806
- Interest + MI left
- $442,355
- First ends
- Jul 2052
Assumption
Assumption + second
$4,834/mo
+$780/mo- Down payment
- $74,676
- Funds due
- $92,199
- Interest + MI left
- $626,330
- First ends
- Jul 2052
New loan
New conventional
$5,246/mo
+$1,193/mo- Down payment
- $74,676
- Funds due
- $88,657
- Interest + MI left
- $980,125
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $573,324 | $573,324 | $670,324 |
| Second mortgage | — | $97,000 | — |
| First P&I | $3,040.46 | $3,040.46 | $4,541.01 |
| Second P&I | — | $780.48 | — |
| Mortgage insurance | $441.99 | $441.99 | $134.06 |
| Taxes, insurance & HOA | $570.67 | $570.67 | $570.67 |
| Total housing payment | $4,053.11 | $4,833.60 | $5,245.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$74,676
Closing costs & prepaids$17,524
Usable credit−$0
Total buyer cash needed$92,199
Earnest money paid−$0
Remaining funds due$92,199
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,450.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$894.00
Initial HOA (3 months)$168.00
Prepaid interest, first (6 days)$393.00
Prepaid interest, second (6 days)$143.51
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 7 moOf the original 30-year loan at 4.17%
Interest already paid$110,488Through Dec 2026
Assumption only · ends Jul 2052$442,355
Assumption + second · ends Jul 2052, second Jan 2057$626,330
New conventional · ends Jan 2057$980,125