Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,851/mo
Lowest payment- Down payment
- $131,813
- Funds due
- $144,135
- Interest + MI left
- $398,178
- First ends
- Nov 2052
Assumption
Assumption + second
$3,527/mo
+$676/mo- Down payment
- $47,813
- Funds due
- $61,510
- Interest + MI left
- $557,496
- First ends
- Nov 2052
New loan
New conventional
$3,390/mo
+$539/mo- Down payment
- $47,813
- Funds due
- $57,996
- Interest + MI left
- $624,618
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $343,187 | $343,187 | $427,187 |
| Second mortgage | — | $84,000 | — |
| First P&I | $2,278.23 | $2,278.23 | $2,893.91 |
| Second P&I | — | $675.88 | — |
| Mortgage insurance | $161.87 | $161.87 | $85.44 |
| Taxes, insurance & HOA | $410.67 | $410.67 | $410.67 |
| Total housing payment | $2,850.77 | $3,526.65 | $3,390.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,813
Closing costs & prepaids$13,696
Usable credit−$0
Total buyer cash needed$61,510
Earnest money paid−$0
Remaining funds due$61,510
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,750.00
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)$570.00
Initial HOA (3 months)$162.00
Prepaid interest, first (6 days)$365.00
Prepaid interest, second (6 days)$124.27
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 11 moOf the original 28-year loan at 6.47%
Interest already paid$46,973Through Dec 2026
Assumption only · ends Nov 2052$398,178
Assumption + second · ends Nov 2052, second Jan 2057$557,496
New conventional · ends Jan 2057$624,618