Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,973/mo
Lowest payment- Down payment
- $82,270
- Funds due
- $98,995
- Interest + MI left
- $533,085
- First ends
- Jun 2052
Assumption
Assumption + second
$5,381/mo
+$408/mo- Down payment
- $42,270
- Funds due
- $60,271
- Interest + MI left
- $639,821
- First ends
- Jun 2052
New loan
New conventional
$6,233/mo
+$1,259/mo- Down payment
- $42,270
- Funds due
- $56,941
- Interest + MI left
- $1,221,577
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $762,630 | $762,630 | $802,630 |
| Second mortgage | — | $40,000 | — |
| First P&I | $3,867.02 | $3,867.02 | $5,557.25 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | $591.46 | $591.46 | $160.53 |
| Taxes, insurance & HOA | $514.83 | $514.83 | $514.83 |
| Total housing payment | $4,973.31 | $5,380.91 | $6,232.61 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,270
Closing costs & prepaids$18,001
Usable credit−$0
Total buyer cash needed$60,271
Earnest money paid−$0
Remaining funds due$60,271
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,449.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$894.50
Prepaid interest, first (2 days)$156.70
Prepaid interest, second (2 days)$26.03
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 7 moOf the original 30-year loan at 3.750%
Interest already paid$132,582Through Nov 2026
Assumption only · ends Jun 2052$533,085
Assumption + second · ends Jun 2052, second Dec 2056$639,821
New conventional · ends Dec 2056$1,221,577