Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,796/mo
Lowest payment- Down payment
- $107,014
- Funds due
- $120,683
- Interest + MI left
- $481,515
- First ends
- Nov 2052
Assumption
Assumption + second
$4,198/mo
+$402/mo- Down payment
- $57,014
- Funds due
- $71,946
- Interest + MI left
- $576,347
- First ends
- Nov 2052
New loan
New conventional
$4,295/mo
+$500/mo- Down payment
- $57,014
- Funds due
- $68,347
- Interest + MI left
- $777,826
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $462,886 | $462,886 | $512,886 |
| Second mortgage | — | $50,000 | — |
| First P&I | $2,805.85 | $2,805.85 | $3,551.12 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $348.11 | $348.11 | $102.58 |
| Taxes, insurance & HOA | $641.58 | $641.58 | $641.58 |
| Total housing payment | $3,795.54 | $4,197.85 | $4,295.28 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,014
Closing costs & prepaids$14,931
Usable credit−$0
Total buyer cash needed$71,946
Earnest money paid−$0
Remaining funds due$71,946
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,699.00
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)$1,424.75
Prepaid interest, first (1 days)$70.38
Prepaid interest, second (1 days)$12.33
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 5.550%
Interest already paid$106,114Through Nov 2026
Assumption only · ends Nov 2052$481,515
Assumption + second · ends Nov 2052, second Dec 2056$576,347
New conventional · ends Dec 2056$777,826