Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,627/mo
Lowest payment- Down payment
- $330,306
- Funds due
- $346,859
- Interest + MI left
- $425,848
- First ends
- Sep 2052
Assumption
Assumption + second
$5,454/mo
+$1,827/mo- Down payment
- $75,306
- Funds due
- $93,217
- Interest + MI left
- $828,514
- First ends
- Sep 2052
New loan
New conventional
$5,571/mo
+$1,944/mo- Down payment
- $75,306
- Funds due
- $89,452
- Interest + MI left
- $1,015,350
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $414,594 | $414,594 | $669,594 |
| Second mortgage | — | $255,000 | — |
| First P&I | $2,512.87 | $2,512.87 | $4,636.13 |
| Second P&I | — | $1,826.85 | — |
| Mortgage insurance | $312.80 | $312.80 | $133.92 |
| Taxes, insurance & HOA | $801.08 | $801.08 | $801.08 |
| Total housing payment | $3,626.75 | $5,453.60 | $5,571.14 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,306
Closing costs & prepaids$17,911
Usable credit−$0
Total buyer cash needed$93,217
Earnest money paid−$0
Remaining funds due$93,217
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,449.00
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)$1,753.25
Prepaid interest, first (2 days)$125.40
Prepaid interest, second (2 days)$108.29
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$98,642Through Nov 2026
Assumption only · ends Sep 2052$425,848
Assumption + second · ends Sep 2052, second Dec 2056$828,514
New conventional · ends Dec 2056$1,015,350