Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,454/mo
Lowest payment- Down payment
- $276,908
- Funds due
- $292,091
- Interest + MI left
- $447,461
- First ends
- Nov 2052
Assumption
Assumption + second
$4,930/mo
+$1,476/mo- Down payment
- $70,908
- Funds due
- $87,735
- Interest + MI left
- $772,752
- First ends
- Nov 2052
New loan
New conventional
$4,927/mo
+$1,473/mo- Down payment
- $70,908
- Funds due
- $84,106
- Interest + MI left
- $919,837
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $423,092 | $423,092 | $629,092 |
| Second mortgage | — | $206,000 | — |
| First P&I | $2,596.52 | $2,596.52 | $4,261.69 |
| Second P&I | — | $1,475.81 | — |
| Mortgage insurance | $318.27 | $318.27 | $125.82 |
| Taxes, insurance & HOA | $539.34 | $539.34 | $539.34 |
| Total housing payment | $3,454.13 | $4,929.94 | $4,926.84 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$70,908
Closing costs & prepaids$16,827
Usable credit−$0
Total buyer cash needed$87,735
Earnest money paid−$0
Remaining funds due$87,735
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,000.00
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)$840.00
Initial HOA (3 months)$278.01
Prepaid interest, first (9 days)$590.47
Prepaid interest, second (9 days)$393.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5.66%
Interest already paid$100,994Through Dec 2026
Assumption only · ends Nov 2052$447,461
Assumption + second · ends Nov 2052, second Jan 2057$772,752
New conventional · ends Jan 2057$919,837