Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,502/mo
Lowest payment- Down payment
- $122,928
- Funds due
- $138,894
- Interest + MI left
- $576,697
- First ends
- Nov 2052
Assumption
Assumption + second
$4,912/mo
+$410/mo- Down payment
- $71,928
- Funds due
- $89,220
- Interest + MI left
- $673,426
- First ends
- Nov 2052
New loan
New conventional
$5,063/mo
+$561/mo- Down payment
- $71,928
- Funds due
- $85,626
- Interest + MI left
- $940,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $592,072 | $592,072 | $643,072 |
| Second mortgage | — | $51,000 | — |
| First P&I | $3,476.95 | $3,476.95 | $4,356.39 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $447.51 | $447.51 | $128.61 |
| Taxes, insurance & HOA | $577.67 | $577.67 | $577.67 |
| Total housing payment | $4,502.13 | $4,912.49 | $5,062.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$71,928
Closing costs & prepaids$17,291
Usable credit−$0
Total buyer cash needed$89,220
Earnest money paid−$0
Remaining funds due$89,220
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,150.00
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)$858.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$508.05
Prepaid interest, second (6 days)$75.45
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 5.22%
Interest already paid$130,668Through Dec 2026
Assumption only · ends Nov 2052$576,697
Assumption + second · ends Nov 2052, second Jan 2057$673,426
New conventional · ends Jan 2057$940,278