Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,506/mo
Lowest payment- Down payment
- $199,761
- Funds due
- $219,165
- Interest + MI left
- $538,761
- First ends
- Jul 2052
Assumption
Assumption + second
$6,254/mo
+$748/mo- Down payment
- $97,761
- Funds due
- $118,437
- Interest + MI left
- $706,199
- First ends
- Jul 2052
New loan
New conventional
$7,223/mo
+$1,717/mo- Down payment
- $97,761
- Funds due
- $114,485
- Interest + MI left
- $1,319,602
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $768,239 | $768,239 | $870,239 |
| Second mortgage | — | $102,000 | — |
| First P&I | $3,887.92 | $3,887.92 | $6,025.36 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $594.66 | $594.66 | $174.05 |
| Taxes, insurance & HOA | $1,023.33 | $1,023.33 | $1,023.33 |
| Total housing payment | $5,505.90 | $6,254.34 | $7,222.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$97,761
Closing costs & prepaids$20,676
Usable credit−$0
Total buyer cash needed$118,437
Earnest money paid−$0
Remaining funds due$118,437
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,680.00
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)$2,420.00
Prepaid interest, first (1 days)$78.93
Prepaid interest, second (1 days)$22.36
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 8 moOf the original 30-year loan at 3.750%
Interest already paid$130,898Through Nov 2026
Assumption only · ends Jul 2052$538,761
Assumption + second · ends Jul 2052, second Dec 2056$706,199
New conventional · ends Dec 2056$1,319,602