Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,202/mo
Lowest payment- Down payment
- $122,946
- Funds due
- $136,296
- Interest + MI left
- $355,123
- First ends
- Jul 2052
Assumption
Assumption + second
$3,725/mo
+$523/mo- Down payment
- $57,946
- Funds due
- $72,642
- Interest + MI left
- $478,405
- First ends
- Jul 2052
New loan
New conventional
$4,042/mo
+$840/mo- Down payment
- $57,946
- Funds due
- $69,211
- Interest + MI left
- $756,018
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $452,054 | $452,054 | $517,054 |
| Second mortgage | — | $65,000 | — |
| First P&I | $2,417.65 | $2,417.65 | $3,502.70 |
| Second P&I | — | $523.00 | — |
| Mortgage insurance | $348.11 | $348.11 | $103.41 |
| Taxes, insurance & HOA | $436.25 | $436.25 | $436.25 |
| Total housing payment | $3,202.01 | $3,725.01 | $4,042.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,946
Closing costs & prepaids$14,696
Usable credit−$0
Total buyer cash needed$72,642
Earnest money paid−$0
Remaining funds due$72,642
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
Initial HOA (3 months)$118.74
Prepaid interest, first (6 days)$315.82
Prepaid interest, second (6 days)$96.16
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 4.25%
Interest already paid$88,737Through Dec 2026
Assumption only · ends Jul 2052$355,123
Assumption + second · ends Jul 2052, second Jan 2057$478,405
New conventional · ends Jan 2057$756,018