Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,134/mo
Lowest payment- Down payment
- $117,362
- Funds due
- $130,929
- Interest + MI left
- $438,601
- First ends
- Jul 2056
Assumption
Assumption + second
$3,649/mo
+$515/mo- Down payment
- $53,362
- Funds due
- $68,258
- Interest + MI left
- $559,987
- First ends
- Jul 2056
New loan
New conventional
$3,972/mo
+$838/mo- Down payment
- $53,362
- Funds due
- $64,766
- Interest + MI left
- $689,504
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $407,628 | $407,628 | $471,628 |
| Second mortgage | — | $64,000 | — |
| First P&I | $2,264.04 | $2,264.04 | $3,194.97 |
| Second P&I | — | $514.96 | — |
| Mortgage insurance | $186.83 | $186.83 | $94.33 |
| Taxes, insurance & HOA | $682.92 | $682.92 | $682.92 |
| Total housing payment | $3,133.78 | $3,648.74 | $3,972.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,362
Closing costs & prepaids$14,896
Usable credit−$0
Total buyer cash needed$68,258
Earnest money paid−$0
Remaining funds due$68,258
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,249.90
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)$1,338.75
Initial HOA (3 months)$210.00
Prepaid interest, first (5 days)$293.16
Prepaid interest, second (5 days)$78.90
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 closing29 yr 7 moOf the original 30-year loan at 5.25%
Interest already paid$8,948Through Dec 2026
Assumption only · ends Jul 2056$438,601
Assumption + second · ends Jul 2056, second Jan 2057$559,987
New conventional · ends Jan 2057$689,504