Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,925/mo
Lowest payment- Down payment
- $77,674
- Funds due
- $91,536
- Interest + MI left
- $461,894
- First ends
- Jul 2052
Assumption
Assumption + second
$4,414/mo
+$489/mo- Down payment
- $29,674
- Funds due
- $44,817
- Interest + MI left
- $589,978
- First ends
- Jul 2052
New loan
New conventional
$4,570/mo
+$645/mo- Down payment
- $29,674
- Funds due
- $41,525
- Interest + MI left
- $837,468
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $502,326 | $502,326 | $550,326 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,892.44 | $2,892.44 | $3,810.35 |
| Second P&I | — | $489.12 | — |
| Mortgage insurance | $382.53 | $382.53 | $110.07 |
| Taxes, insurance & HOA | $650.00 | $650.00 | $650.00 |
| Total housing payment | $3,924.97 | $4,414.09 | $4,570.41 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,674
Closing costs & prepaids$15,143
Usable credit−$0
Total buyer cash needed$44,817
Earnest money paid−$0
Remaining funds due$44,817
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,800.00
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)$1,450.00
Prepaid interest, first (2 days)$137.07
Prepaid interest, second (2 days)$31.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 4.980%
Interest already paid$112,695Through Nov 2026
Assumption only · ends Jul 2052$461,894
Assumption + second · ends Jul 2052, second Dec 2056$589,978
New conventional · ends Dec 2056$837,468