Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,407/mo
Lowest payment- Down payment
- $98,424
- Funds due
- $113,349
- Interest + MI left
- $566,137
- First ends
- Nov 2052
Assumption
Assumption + second
$4,640/mo
+$233/mo- Down payment
- $69,424
- Funds due
- $85,642
- Interest + MI left
- $621,139
- First ends
- Nov 2052
New loan
New conventional
$4,845/mo
+$438/mo- Down payment
- $69,424
- Funds due
- $82,089
- Interest + MI left
- $907,239
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $591,476 | $591,476 | $620,476 |
| Second mortgage | — | $29,000 | — |
| First P&I | $3,441.88 | $3,441.88 | $4,203.32 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $447.51 | $447.51 | $124.10 |
| Taxes, insurance & HOA | $517.67 | $517.67 | $517.67 |
| Total housing payment | $4,407.05 | $4,640.39 | $4,845.08 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$69,424
Closing costs & prepaids$16,219
Usable credit−$0
Total buyer cash needed$85,642
Earnest money paid−$0
Remaining funds due$85,642
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,899.00
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)$828.00
Initial HOA (3 months)$225.00
Prepaid interest, first (6 days)$498.78
Prepaid interest, second (6 days)$42.90
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 5.13%
Interest already paid$128,353Through Dec 2026
Assumption only · ends Nov 2052$566,137
Assumption + second · ends Nov 2052, second Jan 2057$621,139
New conventional · ends Jan 2057$907,239