Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,567/mo
Lowest payment- Down payment
- $72,775
- Funds due
- $86,398
- Interest + MI left
- $390,042
- First ends
- Jun 2052
Assumption
Assumption + second
$4,005/mo
+$438/mo- Down payment
- $29,775
- Funds due
- $44,746
- Interest + MI left
- $504,784
- First ends
- Jun 2052
New loan
New conventional
$4,318/mo
+$751/mo- Down payment
- $29,775
- Funds due
- $41,652
- Interest + MI left
- $807,381
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $507,225 | $507,225 | $550,225 |
| Second mortgage | — | $43,000 | — |
| First P&I | $2,694.84 | $2,694.84 | $3,727.42 |
| Second P&I | — | $438.17 | — |
| Mortgage insurance | $391.75 | $391.75 | $110.05 |
| Taxes, insurance & HOA | $480.67 | $480.67 | $480.67 |
| Total housing payment | $3,567.26 | $4,005.43 | $4,318.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,775
Closing costs & prepaids$14,971
Usable credit−$0
Total buyer cash needed$44,746
Earnest money paid−$0
Remaining funds due$44,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$696.00
Initial HOA (3 months)$246.00
Prepaid interest, first (7 days)$405.64
Prepaid interest, second (7 days)$97.93
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 6 moOf the original 30-year loan at 4.17%
Interest already paid$99,694Through Dec 2026
Assumption only · ends Jun 2052$390,042
Assumption + second · ends Jun 2052, second Jan 2057$504,784
New conventional · ends Jan 2057$807,381