Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,109/mo
Lowest payment- Down payment
- $173,365
- Funds due
- $188,244
- Interest + MI left
- $524,012
- First ends
- Sep 2052
Assumption
Assumption + second
$4,894/mo
+$785/mo- Down payment
- $66,365
- Funds due
- $82,541
- Interest + MI left
- $699,658
- First ends
- Sep 2052
New loan
New conventional
$4,946/mo
+$837/mo- Down payment
- $66,365
- Funds due
- $78,867
- Interest + MI left
- $900,287
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $486,635 | $486,635 | $593,635 |
| Second mortgage | — | $107,000 | — |
| First P&I | $3,026.29 | $3,026.29 | $4,110.21 |
| Second P&I | — | $785.13 | — |
| Mortgage insurance | $366.13 | $366.13 | $118.73 |
| Taxes, insurance & HOA | $716.67 | $716.67 | $716.67 |
| Total housing payment | $4,109.08 | $4,894.21 | $4,945.60 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$66,365
Closing costs & prepaids$16,176
Usable credit−$0
Total buyer cash needed$82,541
Earnest money paid−$0
Remaining funds due$82,541
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,600.00
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)$1,650.00
Prepaid interest, first (2 days)$154.12
Prepaid interest, second (2 days)$46.90
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 5.780%
Interest already paid$121,060Through Nov 2026
Assumption only · ends Sep 2052$524,012
Assumption + second · ends Sep 2052, second Dec 2056$699,658
New conventional · ends Dec 2056$900,287