Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,013/mo
Lowest payment- Down payment
- $83,754
- Funds due
- $100,911
- Interest + MI left
- $530,313
- First ends
- Jun 2052
Assumption
Assumption + second
$5,431/mo
+$418/mo- Down payment
- $42,754
- Funds due
- $61,241
- Interest + MI left
- $639,717
- First ends
- Jun 2052
New loan
New conventional
$6,149/mo
+$1,136/mo- Down payment
- $42,754
- Funds due
- $58,161
- Interest + MI left
- $1,177,202
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $761,146 | $761,146 | $802,146 |
| Second mortgage | — | $41,000 | — |
| First P&I | $3,867.02 | $3,867.02 | $5,434.02 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $591.46 | $591.46 | $160.43 |
| Taxes, insurance & HOA | $554.67 | $554.67 | $554.67 |
| Total housing payment | $5,013.14 | $5,430.93 | $6,149.11 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,754
Closing costs & prepaids$18,487
Usable credit−$0
Total buyer cash needed$61,241
Earnest money paid−$0
Remaining funds due$61,241
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,449.00
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)$1,014.00
Prepaid interest, first (6 days)$469.20
Prepaid interest, second (6 days)$80.03
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 6 moOf the original 30-year loan at 3.75%
Interest already paid$134,965Through Dec 2026
Assumption only · ends Jun 2052$530,313
Assumption + second · ends Jun 2052, second Jan 2057$639,717
New conventional · ends Jan 2057$1,177,202