Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,196/mo
Lowest payment- Down payment
- $72,557
- Funds due
- $86,674
- Interest + MI left
- $555,932
- First ends
- Oct 2052
Assumption
Assumption + second
$4,614/mo
+$418/mo- Down payment
- $31,557
- Funds due
- $47,004
- Interest + MI left
- $665,337
- First ends
- Oct 2052
New loan
New conventional
$4,606/mo
+$410/mo- Down payment
- $31,557
- Funds due
- $43,767
- Interest + MI left
- $870,916
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $552,443 | $552,443 | $593,443 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,311.84 | $3,311.84 | $4,020.19 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $417.30 | $417.30 | $118.69 |
| Taxes, insurance & HOA | $466.67 | $466.67 | $466.67 |
| Total housing payment | $4,195.80 | $4,613.59 | $4,605.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,557
Closing costs & prepaids$15,446
Usable credit−$0
Total buyer cash needed$47,004
Earnest money paid−$0
Remaining funds due$47,004
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,250.00
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)$750.00
Initial HOA (3 months)$150.00
Prepaid interest, first (6 days)$491.30
Prepaid interest, second (6 days)$80.03
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$128,903Through Dec 2026
Assumption only · ends Oct 2052$555,932
Assumption + second · ends Oct 2052, second Jan 2057$665,337
New conventional · ends Jan 2057$870,916