Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$6,604/mo
Lowest payment- Down payment
- $197,351
- Funds due
- $217,629
- Interest + MI left
- $815,731
- First ends
- Sep 2052
Assumption
Assumption + second
$7,360/mo
+$756/mo- Down payment
- $103,351
- Funds due
- $124,925
- Interest + MI left
- $994,015
- First ends
- Sep 2052
New loan
New conventional
$7,636/mo
+$1,032/mo- Down payment
- $103,351
- Funds due
- $120,929
- Interest + MI left
- $1,397,743
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $827,649 | $827,649 | $921,649 |
| Second mortgage | — | $94,000 | — |
| First P&I | $4,907.22 | $4,907.22 | $6,381.31 |
| Second P&I | — | $756.35 | — |
| Mortgage insurance | $625.95 | $625.95 | $184.33 |
| Taxes, insurance & HOA | $1,070.83 | $1,070.83 | $1,070.83 |
| Total housing payment | $6,604.00 | $7,360.35 | $7,636.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$103,351
Closing costs & prepaids$21,574
Usable credit−$0
Total buyer cash needed$124,925
Earnest money paid−$0
Remaining funds due$124,925
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,250.00
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)$2,562.50
Prepaid interest, first (2 days)$240.36
Prepaid interest, second (2 days)$46.36
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 5.300%
Interest already paid$189,312Through Nov 2026
Assumption only · ends Sep 2052$815,731
Assumption + second · ends Sep 2052, second Dec 2056$994,015
New conventional · ends Dec 2056$1,397,743