Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,707/mo
Lowest payment- Down payment
- $102,149
- Funds due
- $115,771
- Interest + MI left
- $484,923
- First ends
- Nov 2052
Assumption
Assumption + second
$4,045/mo
+$338/mo- Down payment
- $60,149
- Funds due
- $75,083
- Interest + MI left
- $564,582
- First ends
- Nov 2052
New loan
New conventional
$4,172/mo
+$465/mo- Down payment
- $60,149
- Funds due
- $71,580
- Interest + MI left
- $789,351
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $497,851 | $497,851 | $539,851 |
| Second mortgage | — | $42,000 | — |
| First P&I | $2,923.64 | $2,923.64 | $3,657.14 |
| Second P&I | — | $337.94 | — |
| Mortgage insurance | $376.29 | $376.29 | $107.97 |
| Taxes, insurance & HOA | $406.67 | $406.67 | $406.67 |
| Total housing payment | $3,706.60 | $4,044.54 | $4,171.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$60,149
Closing costs & prepaids$14,934
Usable credit−$0
Total buyer cash needed$75,083
Earnest money paid−$0
Remaining funds due$75,083
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,000.00
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
Prepaid interest, first (6 days)$427.20
Prepaid interest, second (6 days)$62.14
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$109,874Through Dec 2026
Assumption only · ends Nov 2052$484,923
Assumption + second · ends Nov 2052, second Jan 2057$564,582
New conventional · ends Jan 2057$789,351