Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,342/mo
Lowest payment- Down payment
- $142,599
- Funds due
- $156,383
- Interest + MI left
- $367,134
- First ends
- Jul 2052
Assumption
Assumption + second
$4,034/mo
+$692/mo- Down payment
- $56,599
- Funds due
- $71,718
- Interest + MI left
- $530,245
- First ends
- Jul 2052
New loan
New conventional
$4,169/mo
+$826/mo- Down payment
- $56,599
- Funds due
- $68,195
- Interest + MI left
- $734,610
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $422,401 | $422,401 | $508,401 |
| Second mortgage | — | $86,000 | — |
| First P&I | $2,372.28 | $2,372.28 | $3,420.05 |
| Second P&I | — | $691.98 | — |
| Mortgage insurance | $323.25 | $323.25 | $101.68 |
| Taxes, insurance & HOA | $646.92 | $646.92 | $646.92 |
| Total housing payment | $3,342.45 | $4,034.42 | $4,168.64 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$56,599
Closing costs & prepaids$15,119
Usable credit−$0
Total buyer cash needed$71,718
Earnest money paid−$0
Remaining funds due$71,718
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,650.00
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)$1,440.75
Prepaid interest, first (4 days)$218.49
Prepaid interest, second (4 days)$84.82
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 closing25 yr 7 moOf the original 30-year loan at 4.72%
Interest already paid$91,784Through Dec 2026
Assumption only · ends Jul 2052$367,134
Assumption + second · ends Jul 2052, second Jan 2057$530,245
New conventional · ends Jan 2057$734,610