Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,108/mo
Lowest payment- Down payment
- $71,624
- Funds due
- $85,623
- Interest + MI left
- $502,329
- First ends
- Aug 2052
Assumption
Assumption + second
$4,536/mo
+$428/mo- Down payment
- $29,624
- Funds due
- $44,900
- Interest + MI left
- $614,402
- First ends
- Aug 2052
New loan
New conventional
$4,650/mo
+$542/mo- Down payment
- $29,624
- Funds due
- $41,605
- Interest + MI left
- $852,874
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $518,376 | $518,376 | $560,376 |
| Second mortgage | — | $42,000 | — |
| First P&I | $3,056.57 | $3,056.57 | $3,879.93 |
| Second P&I | — | $427.98 | — |
| Mortgage insurance | $392.96 | $392.96 | $112.08 |
| Taxes, insurance & HOA | $658.33 | $658.33 | $658.33 |
| Total housing payment | $4,107.86 | $4,535.84 | $4,650.34 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$29,624
Closing costs & prepaids$15,276
Usable credit−$0
Total buyer cash needed$44,900
Earnest money paid−$0
Remaining funds due$44,900
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,900.00
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)$1,475.00
Prepaid interest, first (2 days)$148.55
Prepaid interest, second (2 days)$27.33
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 9 moOf the original 30-year loan at 5.230%
Interest already paid$119,495Through Nov 2026
Assumption only · ends Aug 2052$502,329
Assumption + second · ends Aug 2052, second Dec 2056$614,402
New conventional · ends Dec 2056$852,874