Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,413/mo
Lowest payment- Down payment
- $117,924
- Funds due
- $131,222
- Interest + MI left
- $428,856
- First ends
- Jul 2052
Assumption
Assumption + second
$3,896/mo
+$483/mo- Down payment
- $57,924
- Funds due
- $72,561
- Interest + MI left
- $542,654
- First ends
- Jul 2052
New loan
New conventional
$4,003/mo
+$590/mo- Down payment
- $57,924
- Funds due
- $69,070
- Interest + MI left
- $756,051
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $457,076 | $457,076 | $517,076 |
| Second mortgage | — | $60,000 | — |
| First P&I | $2,668.34 | $2,668.34 | $3,502.85 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $348.11 | $348.11 | $103.42 |
| Taxes, insurance & HOA | $396.67 | $396.67 | $396.67 |
| Total housing payment | $3,413.12 | $3,895.89 | $4,002.93 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,924
Closing costs & prepaids$14,637
Usable credit−$0
Total buyer cash needed$72,561
Earnest money paid−$0
Remaining funds due$72,561
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,750.00
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)$690.00
Prepaid interest, first (6 days)$383.19
Prepaid interest, second (6 days)$88.77
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 5.1%
Interest already paid$107,046Through Dec 2026
Assumption only · ends Jul 2052$428,856
Assumption + second · ends Jul 2052, second Jan 2057$542,654
New conventional · ends Jan 2057$756,051