Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,566/mo
Lowest payment- Down payment
- $136,382
- Funds due
- $150,188
- Interest + MI left
- $428,397
- First ends
- Nov 2052
Assumption
Assumption + second
$4,226/mo
+$660/mo- Down payment
- $54,382
- Funds due
- $69,459
- Interest + MI left
- $583,921
- First ends
- Nov 2052
New loan
New conventional
$4,249/mo
+$683/mo- Down payment
- $54,382
- Funds due
- $65,880
- Interest + MI left
- $736,472
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $403,618 | $403,618 | $485,618 |
| Second mortgage | — | $82,000 | — |
| First P&I | $2,473.51 | $2,473.51 | $3,362.32 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | $303.20 | $303.20 | $97.12 |
| Taxes, insurance & HOA | $789.50 | $789.50 | $789.50 |
| Total housing payment | $3,566.21 | $4,226.00 | $4,248.94 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,382
Closing costs & prepaids$15,076
Usable credit−$0
Total buyer cash needed$69,459
Earnest money paid−$0
Remaining funds due$69,459
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,400.00
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)$1,718.50
Initial HOA (3 months)$150.00
Prepaid interest, first (1 days)$62.59
Prepaid interest, second (1 days)$20.22
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 closing26 yrOf the original 30-year loan at 5.660%
Interest already paid$94,305Through Nov 2026
Assumption only · ends Nov 2052$428,397
Assumption + second · ends Nov 2052, second Dec 2056$583,921
New conventional · ends Dec 2056$736,472