Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,832/mo
Lowest payment- Down payment
- $160,292
- Funds due
- $174,808
- Interest + MI left
- $476,205
- First ends
- Jul 2052
Assumption
Assumption + second
$4,573/mo
+$740/mo- Down payment
- $68,292
- Funds due
- $84,194
- Interest + MI left
- $650,696
- First ends
- Jul 2052
New loan
New conventional
$4,705/mo
+$873/mo- Down payment
- $68,292
- Funds due
- $80,622
- Interest + MI left
- $894,418
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $519,708 | $519,708 | $611,708 |
| Second mortgage | — | $92,000 | — |
| First P&I | $2,997.35 | $2,997.35 | $4,143.92 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $396.40 | $396.40 | $122.34 |
| Taxes, insurance & HOA | $438.67 | $438.67 | $438.67 |
| Total housing payment | $3,832.42 | $4,572.67 | $4,704.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$68,292
Closing costs & prepaids$15,903
Usable credit−$0
Total buyer cash needed$84,194
Earnest money paid−$0
Remaining funds due$84,194
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,800.00
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)$816.00
Prepaid interest, first (6 days)$425.45
Prepaid interest, second (6 days)$136.11
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 4.98%
Interest already paid$118,943Through Dec 2026
Assumption only · ends Jul 2052$476,205
Assumption + second · ends Jul 2052, second Jan 2057$650,696
New conventional · ends Jan 2057$894,418