Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,701/mo
Lowest payment- Down payment
- $165,019
- Funds due
- $181,231
- Interest + MI left
- $672,161
- First ends
- Dec 2052
Assumption
Assumption + second
$5,425/mo
+$724/mo- Down payment
- $75,019
- Funds due
- $92,615
- Interest + MI left
- $842,859
- First ends
- Dec 2052
New loan
New conventional
$5,224/mo
+$523/mo- Down payment
- $75,019
- Funds due
- $88,890
- Interest + MI left
- $986,934
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $584,981 | $584,981 | $674,981 |
| Second mortgage | — | $90,000 | — |
| First P&I | $3,746.75 | $3,746.75 | $4,572.56 |
| Second P&I | — | $724.16 | — |
| Mortgage insurance | $437.48 | $437.48 | $135.00 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $4,700.90 | $5,425.06 | $5,224.22 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$75,019
Closing costs & prepaids$17,596
Usable credit−$0
Total buyer cash needed$92,615
Earnest money paid−$0
Remaining funds due$92,615
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$7,500.00
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)$900.00
Prepaid interest, first (6 days)$587.55
Prepaid interest, second (6 days)$133.15
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 closing26 yrOf the original 30-year loan at 6.11%
Interest already paid$147,203Through Dec 2026
Assumption only · ends Dec 2052$672,161
Assumption + second · ends Dec 2052, second Jan 2057$842,859
New conventional · ends Jan 2057$986,934