Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,426/mo
Lowest payment- Down payment
- $141,602
- Funds due
- $155,268
- Interest + MI left
- $418,194
- First ends
- Jul 2052
Assumption
Assumption + second
$4,078/mo
+$652/mo- Down payment
- $60,602
- Funds due
- $75,638
- Interest + MI left
- $571,822
- First ends
- Jul 2052
New loan
New conventional
$4,194/mo
+$768/mo- Down payment
- $60,602
- Funds due
- $72,123
- Interest + MI left
- $785,765
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $456,398 | $456,398 | $537,398 |
| Second mortgage | — | $81,000 | — |
| First P&I | $2,632.22 | $2,632.22 | $3,640.52 |
| Second P&I | — | $651.74 | — |
| Mortgage insurance | $348.11 | $348.11 | $107.48 |
| Taxes, insurance & HOA | $445.83 | $445.83 | $445.83 |
| Total housing payment | $3,426.16 | $4,077.91 | $4,193.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,602
Closing costs & prepaids$15,036
Usable credit−$0
Total buyer cash needed$75,638
Earnest money paid−$0
Remaining funds due$75,638
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,980.00
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)$717.50
Initial HOA (3 months)$120.00
Prepaid interest, first (6 days)$373.62
Prepaid interest, second (6 days)$119.84
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$104,453Through Dec 2026
Assumption only · ends Jul 2052$418,194
Assumption + second · ends Jul 2052, second Jan 2057$571,822
New conventional · ends Jan 2057$785,765