Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,698/mo
Lowest payment- Down payment
- $96,484
- Funds due
- $109,945
- Interest + MI left
- $491,602
- First ends
- Oct 2052
Assumption
Assumption + second
$3,996/mo
+$298/mo- Down payment
- $59,484
- Funds due
- $74,250
- Interest + MI left
- $561,778
- First ends
- Oct 2052
New loan
New conventional
$4,066/mo
+$368/mo- Down payment
- $59,484
- Funds due
- $70,736
- Interest + MI left
- $768,286
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $488,516 | $488,516 | $525,516 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,928.60 | $2,928.60 | $3,560.03 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $369.01 | $369.01 | $105.10 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $3,698.28 | $3,995.99 | $4,065.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,484
Closing costs & prepaids$14,766
Usable credit−$0
Total buyer cash needed$74,250
Earnest money paid−$0
Remaining funds due$74,250
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$702.00
Prepaid interest, first (6 days)$434.44
Prepaid interest, second (6 days)$54.74
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$113,986Through Dec 2026
Assumption only · ends Oct 2052$491,602
Assumption + second · ends Oct 2052, second Jan 2057$561,778
New conventional · ends Jan 2057$768,286