Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,413/mo
Lowest payment- Down payment
- $60,672
- Funds due
- $75,334
- Interest + MI left
- $552,663
- First ends
- Nov 2052
Assumption
Assumption + second
$4,678/mo
+$265/mo- Down payment
- $34,672
- Funds due
- $50,635
- Interest + MI left
- $622,041
- First ends
- Nov 2052
New loan
New conventional
$4,950/mo
+$536/mo- Down payment
- $34,672
- Funds due
- $47,457
- Interest + MI left
- $939,595
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $614,328 | $614,328 | $640,328 |
| Second mortgage | — | $26,000 | — |
| First P&I | $3,463.02 | $3,463.02 | $4,337.80 |
| Second P&I | — | $264.94 | — |
| Mortgage insurance | $466.46 | $466.46 | $128.07 |
| Taxes, insurance & HOA | $483.67 | $483.67 | $483.67 |
| Total housing payment | $4,413.15 | $4,678.09 | $4,949.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,672
Closing costs & prepaids$15,964
Usable credit−$0
Total buyer cash needed$50,635
Earnest money paid−$0
Remaining funds due$50,635
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,750.00
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)$810.00
Initial HOA (3 months)$141.00
Prepaid interest, first (6 days)$486.75
Prepaid interest, second (6 days)$50.75
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 11 moOf the original 30-year loan at 4.82%
Interest already paid$125,490Through Dec 2026
Assumption only · ends Nov 2052$552,663
Assumption + second · ends Nov 2052, second Jan 2057$622,041
New conventional · ends Jan 2057$939,595