Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,006/mo
Lowest payment- Down payment
- $105,477
- Funds due
- $119,420
- Interest + MI left
- $546,736
- First ends
- Dec 2052
Assumption
Assumption + second
$4,417/mo
+$410/mo- Down payment
- $54,477
- Funds due
- $69,720
- Interest + MI left
- $643,465
- First ends
- Dec 2052
New loan
New conventional
$4,113/mo
+$107/mo- Down payment
- $54,477
- Funds due
- $66,136
- Interest + MI left
- $701,409
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $434,423 | $434,423 | $485,423 |
| Second mortgage | — | $51,000 | — |
| First P&I | $2,932.62 | $2,932.62 | $3,265.47 |
| Second P&I | — | $410.36 | — |
| Mortgage insurance | $323.25 | $323.25 | $97.08 |
| Taxes, insurance & HOA | $750.58 | $750.58 | $750.58 |
| Total housing payment | $4,006.44 | $4,416.80 | $4,113.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,477
Closing costs & prepaids$15,243
Usable credit−$0
Total buyer cash needed$69,720
Earnest money paid−$0
Remaining funds due$69,720
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$1,376.75
Initial HOA (3 months)$375.00
Prepaid interest, first (4 days)$317.07
Prepaid interest, second (4 days)$50.30
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 closing26 yrOf the original 30-year loan at 6.66%
Interest already paid$118,841Through Dec 2026
Assumption only · ends Dec 2052$546,736
Assumption + second · ends Dec 2052, second Jan 2057$643,465
New conventional · ends Jan 2057$701,409