Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,494/mo
Lowest payment- Down payment
- $128,560
- Funds due
- $142,068
- Interest + MI left
- $424,602
- First ends
- Oct 2052
Assumption
Assumption + second
$4,081/mo
+$587/mo- Down payment
- $55,560
- Funds due
- $70,336
- Interest + MI left
- $563,057
- First ends
- Oct 2052
New loan
New conventional
$4,175/mo
+$681/mo- Down payment
- $55,560
- Funds due
- $66,750
- Interest + MI left
- $748,236
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $420,440 | $420,440 | $493,440 |
| Second mortgage | — | $73,000 | — |
| First P&I | $2,516.77 | $2,516.77 | $3,416.48 |
| Second P&I | — | $587.37 | — |
| Mortgage insurance | $317.12 | $317.12 | $98.69 |
| Taxes, insurance & HOA | $660.08 | $660.08 | $660.08 |
| Total housing payment | $3,493.97 | $4,081.35 | $4,175.25 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,560
Closing costs & prepaids$14,776
Usable credit−$0
Total buyer cash needed$70,336
Earnest money paid−$0
Remaining funds due$70,336
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,490.00
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)$370.25
Initial HOA (3 months)$1,110.00
Prepaid interest, first (1 days)$62.32
Prepaid interest, second (1 days)$18.00
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 11 moOf the original 30-year loan at 5.410%
Interest already paid$96,062Through Nov 2026
Assumption only · ends Oct 2052$424,602
Assumption + second · ends Oct 2052, second Dec 2056$563,057
New conventional · ends Dec 2056$748,236