Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,266/mo
Lowest payment- Down payment
- $94,093
- Funds due
- $106,824
- Interest + MI left
- $421,700
- First ends
- Aug 2052
Assumption
Assumption + second
$3,596/mo
+$330/mo- Down payment
- $53,093
- Funds due
- $67,134
- Interest + MI left
- $499,462
- First ends
- Aug 2052
New loan
New conventional
$3,668/mo
+$402/mo- Down payment
- $53,093
- Funds due
- $63,674
- Interest + MI left
- $690,006
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $430,907 | $430,907 | $471,907 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,562.66 | $2,562.66 | $3,196.86 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $326.89 | $326.89 | $94.38 |
| Taxes, insurance & HOA | $376.67 | $376.67 | $376.67 |
| Total housing payment | $3,266.21 | $3,596.11 | $3,667.91 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,093
Closing costs & prepaids$14,041
Usable credit−$0
Total buyer cash needed$67,134
Earnest money paid−$0
Remaining funds due$67,134
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,250.00
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)$630.00
Prepaid interest, first (6 days)$375.42
Prepaid interest, second (6 days)$60.66
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 8 moOf the original 30-year loan at 5.3%
Interest already paid$102,678Through Dec 2026
Assumption only · ends Aug 2052$421,700
Assumption + second · ends Aug 2052, second Jan 2057$499,462
New conventional · ends Jan 2057$690,006