Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,370/mo
Lowest payment- Down payment
- $116,944
- Funds due
- $130,049
- Interest + MI left
- $457,999
- First ends
- Nov 2052
Assumption
Assumption + second
$3,861/mo
+$491/mo- Down payment
- $55,944
- Funds due
- $70,404
- Interest + MI left
- $573,694
- First ends
- Nov 2052
New loan
New conventional
$3,832/mo
+$462/mo- Down payment
- $55,944
- Funds due
- $66,900
- Interest + MI left
- $722,293
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $433,056 | $433,056 | $494,056 |
| Second mortgage | — | $61,000 | — |
| First P&I | $2,657.67 | $2,657.67 | $3,346.91 |
| Second P&I | — | $490.82 | — |
| Mortgage insurance | $325.77 | $325.77 | $98.81 |
| Taxes, insurance & HOA | $386.67 | $386.67 | $386.67 |
| Total housing payment | $3,370.11 | $3,860.93 | $3,832.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,944
Closing costs & prepaids$14,460
Usable credit−$0
Total buyer cash needed$70,404
Earnest money paid−$0
Remaining funds due$70,404
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,500.00
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)$660.00
Prepaid interest, first (7 days)$470.07
Prepaid interest, second (7 days)$105.29
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 7 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 5.66%
Interest already paid$103,372Through Dec 2026
Assumption only · ends Nov 2052$457,999
Assumption + second · ends Nov 2052, second Jan 2057$573,694
New conventional · ends Jan 2057$722,293