Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,378/mo
Lowest payment- Down payment
- $185,513
- Funds due
- $199,361
- Interest + MI left
- $413,322
- First ends
- Oct 2052
Assumption
Assumption + second
$4,310/mo
+$932/mo- Down payment
- $58,513
- Funds due
- $73,639
- Interest + MI left
- $621,799
- First ends
- Oct 2052
New loan
New conventional
$4,405/mo
+$1,027/mo- Down payment
- $58,513
- Funds due
- $70,022
- Interest + MI left
- $798,453
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $399,487 | $399,487 | $526,487 |
| Second mortgage | — | $127,000 | — |
| First P&I | $2,422.62 | $2,422.62 | $3,645.29 |
| Second P&I | — | $931.88 | — |
| Mortgage insurance | $300.90 | $300.90 | $105.30 |
| Taxes, insurance & HOA | $654.17 | $654.17 | $654.17 |
| Total housing payment | $3,377.68 | $4,309.56 | $4,404.75 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,513
Closing costs & prepaids$15,126
Usable credit−$0
Total buyer cash needed$73,639
Earnest money paid−$0
Remaining funds due$73,639
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
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)$1,462.50
Prepaid interest, first (1 days)$60.63
Prepaid interest, second (1 days)$27.84
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 11 moOf the original 30-year loan at 5.540%
Interest already paid$93,399Through Nov 2026
Assumption only · ends Oct 2052$413,322
Assumption + second · ends Oct 2052, second Dec 2056$621,799
New conventional · ends Dec 2056$798,453