Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,810/mo
Lowest payment- Down payment
- $149,241
- Funds due
- $166,325
- Interest + MI left
- $566,720
- First ends
- Aug 2052
Assumption
Assumption + second
$5,365/mo
+$555/mo- Down payment
- $80,241
- Funds due
- $98,677
- Interest + MI left
- $697,588
- First ends
- Aug 2052
New loan
New conventional
$5,670/mo
+$860/mo- Down payment
- $80,241
- Funds due
- $95,061
- Interest + MI left
- $1,045,096
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $645,759 | $645,759 | $714,759 |
| Second mortgage | — | $69,000 | — |
| First P&I | $3,631.83 | $3,631.83 | $4,842.03 |
| Second P&I | — | $555.19 | — |
| Mortgage insurance | $493.16 | $493.16 | $142.95 |
| Taxes, insurance & HOA | $684.67 | $684.67 | $684.67 |
| Total housing payment | $4,809.66 | $5,364.85 | $5,669.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$80,241
Closing costs & prepaids$18,435
Usable credit−$0
Total buyer cash needed$98,677
Earnest money paid−$0
Remaining funds due$98,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,950.00
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)$954.00
Initial HOA (3 months)$450.00
Prepaid interest, first (6 days)$504.22
Prepaid interest, second (6 days)$102.08
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 8 moOf the original 30-year loan at 4.75%
Interest already paid$138,390Through Dec 2026
Assumption only · ends Aug 2052$566,720
Assumption + second · ends Aug 2052, second Jan 2057$697,588
New conventional · ends Jan 2057$1,045,096