Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,887/mo
Lowest payment- Down payment
- $187,823
- Funds due
- $200,560
- Interest + MI left
- $371,011
- First ends
- Aug 2052
Assumption
Assumption + second
$3,826/mo
+$939/mo- Down payment
- $59,823
- Funds due
- $73,838
- Interest + MI left
- $581,130
- First ends
- Aug 2052
New loan
New conventional
$4,046/mo
+$1,159/mo- Down payment
- $59,823
- Funds due
- $70,215
- Interest + MI left
- $803,791
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $402,077 | $402,077 | $530,077 |
| Second mortgage | — | $128,000 | — |
| First P&I | $2,311.50 | $2,311.50 | $3,670.15 |
| Second P&I | — | $939.22 | — |
| Mortgage insurance | $305.70 | $305.70 | $106.02 |
| Taxes, insurance & HOA | $269.50 | $269.50 | $269.50 |
| Total housing payment | $2,886.70 | $3,825.92 | $4,045.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,823
Closing costs & prepaids$14,015
Usable credit−$0
Total buyer cash needed$73,838
Earnest money paid−$0
Remaining funds due$73,838
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,899.00
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)$308.50
Prepaid interest, first (1 days)$54.86
Prepaid interest, second (1 days)$28.05
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 closing25 yr 9 moOf the original 30-year loan at 4.980%
Interest already paid$88,392Through Nov 2026
Assumption only · ends Aug 2052$371,011
Assumption + second · ends Aug 2052, second Dec 2056$581,130
New conventional · ends Dec 2056$803,791