Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,947/mo
Lowest payment- Down payment
- $76,961
- Funds due
- $90,900
- Interest + MI left
- $509,359
- First ends
- Nov 2052
Assumption
Assumption + second
$4,415/mo
+$469/mo- Down payment
- $30,961
- Funds due
- $46,254
- Interest + MI left
- $632,106
- First ends
- Nov 2052
New loan
New conventional
$4,448/mo
+$502/mo- Down payment
- $30,961
- Funds due
- $43,050
- Interest + MI left
- $834,841
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $522,939 | $522,939 | $568,939 |
| Second mortgage | — | $46,000 | — |
| First P&I | $3,070.97 | $3,070.97 | $3,854.19 |
| Second P&I | — | $468.74 | — |
| Mortgage insurance | $395.25 | $395.25 | $113.79 |
| Taxes, insurance & HOA | $480.34 | $480.34 | $480.34 |
| Total housing payment | $3,946.56 | $4,415.30 | $4,448.32 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,961
Closing costs & prepaids$15,293
Usable credit−$0
Total buyer cash needed$46,254
Earnest money paid−$0
Remaining funds due$46,254
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,999.00
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)$720.00
Initial HOA (3 months)$221.01
Prepaid interest, first (7 days)$523.51
Prepaid interest, second (7 days)$104.76
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 11 moOf the original 30-year loan at 5.22%
Interest already paid$115,410Through Dec 2026
Assumption only · ends Nov 2052$509,359
Assumption + second · ends Nov 2052, second Jan 2057$632,106
New conventional · ends Jan 2057$834,841