Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,672/mo
Lowest payment- Down payment
- $83,453
- Funds due
- $101,404
- Interest + MI left
- $644,078
- First ends
- Oct 2052
Assumption
Assumption + second
$6,120/mo
+$448/mo- Down payment
- $39,453
- Funds due
- $58,669
- Interest + MI left
- $761,487
- First ends
- Oct 2052
New loan
New conventional
$6,455/mo
+$783/mo- Down payment
- $39,453
- Funds due
- $55,266
- Interest + MI left
- $1,134,698
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $701,547 | $701,547 | $745,547 |
| Second mortgage | — | $44,000 | — |
| First P&I | $3,995.65 | $3,995.65 | $5,162.02 |
| Second P&I | — | $448.36 | — |
| Mortgage insurance | $532.06 | $532.06 | $149.11 |
| Taxes, insurance & HOA | $1,143.83 | $1,143.83 | $1,143.83 |
| Total housing payment | $5,671.55 | $6,119.91 | $6,454.96 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,453
Closing costs & prepaids$19,215
Usable credit−$0
Total buyer cash needed$58,669
Earnest money paid−$0
Remaining funds due$58,669
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$1,962.50
Initial HOA (3 months)$819.00
Prepaid interest, first (1 days)$94.56
Prepaid interest, second (1 days)$14.32
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 4.920%
Interest already paid$146,191Through Nov 2026
Assumption only · ends Oct 2052$644,078
Assumption + second · ends Oct 2052, second Dec 2056$761,487
New conventional · ends Dec 2056$1,134,698