Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,390/mo
Lowest payment- Down payment
- $175,793
- Funds due
- $194,788
- Interest + MI left
- $535,435
- First ends
- Jul 2052
Assumption
Assumption + second
$6,098/mo
+$708/mo- Down payment
- $87,793
- Funds due
- $108,081
- Interest + MI left
- $702,339
- First ends
- Jul 2052
New loan
New conventional
$6,756/mo
+$1,366/mo- Down payment
- $87,793
- Funds due
- $104,269
- Interest + MI left
- $1,184,597
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $693,207 | $693,207 | $781,207 |
| Second mortgage | — | $88,000 | — |
| First P&I | $3,665.65 | $3,665.65 | $5,408.92 |
| Second P&I | — | $708.07 | — |
| Mortgage insurance | $533.51 | $533.51 | $156.24 |
| Taxes, insurance & HOA | $1,190.83 | $1,190.83 | $1,190.83 |
| Total housing payment | $5,389.99 | $6,098.06 | $6,755.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$87,793
Closing costs & prepaids$20,289
Usable credit−$0
Total buyer cash needed$108,081
Earnest money paid−$0
Remaining funds due$108,081
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,690.00
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)$2,172.50
Initial HOA (3 months)$750.00
Prepaid interest, first (2 days)$158.01
Prepaid interest, second (2 days)$43.40
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 8 moOf the original 30-year loan at 4.160%
Interest already paid$130,634Through Nov 2026
Assumption only · ends Jul 2052$535,435
Assumption + second · ends Jul 2052, second Dec 2056$702,339
New conventional · ends Dec 2056$1,184,597