Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,625/mo
Lowest payment- Down payment
- $94,566
- Funds due
- $110,568
- Interest + MI left
- $560,116
- First ends
- Jul 2052
Assumption
Assumption + second
$5,205/mo
+$581/mo- Down payment
- $37,566
- Funds due
- $54,929
- Interest + MI left
- $712,215
- First ends
- Jul 2052
New loan
New conventional
$5,404/mo
+$780/mo- Down payment
- $37,566
- Funds due
- $51,720
- Interest + MI left
- $1,029,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $644,434 | $644,434 | $701,434 |
| Second mortgage | — | $57,000 | — |
| First P&I | $3,619.26 | $3,619.26 | $4,751.76 |
| Second P&I | — | $580.83 | — |
| Mortgage insurance | $493.16 | $493.16 | $140.29 |
| Taxes, insurance & HOA | $512.25 | $512.25 | $512.25 |
| Total housing payment | $4,624.66 | $5,205.49 | $5,404.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,566
Closing costs & prepaids$17,363
Usable credit−$0
Total buyer cash needed$54,929
Earnest money paid−$0
Remaining funds due$54,929
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,390.00
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)$886.75
Prepaid interest, first (6 days)$500.01
Prepaid interest, second (6 days)$111.27
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 4.72%
Interest already paid$140,030Through Dec 2026
Assumption only · ends Jul 2052$560,116
Assumption + second · ends Jul 2052, second Jan 2057$712,215
New conventional · ends Jan 2057$1,029,400