Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,989/mo
Lowest payment- Down payment
- $94,225
- Funds due
- $110,449
- Interest + MI left
- $683,425
- First ends
- Dec 2052
Assumption
Assumption + second
$5,559/mo
+$571/mo- Down payment
- $38,225
- Funds due
- $55,808
- Interest + MI left
- $832,855
- First ends
- Dec 2052
New loan
New conventional
$5,481/mo
+$492/mo- Down payment
- $38,225
- Funds due
- $52,508
- Interest + MI left
- $1,044,576
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $655,775 | $655,775 | $711,775 |
| Second mortgage | — | $56,000 | — |
| First P&I | $3,979.04 | $3,979.04 | $4,821.81 |
| Second P&I | — | $570.64 | — |
| Mortgage insurance | $493.12 | $493.12 | $142.36 |
| Taxes, insurance & HOA | $516.67 | $516.67 | $516.67 |
| Total housing payment | $4,988.83 | $5,559.47 | $5,480.83 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,225
Closing costs & prepaids$17,584
Usable credit−$0
Total buyer cash needed$55,808
Earnest money paid−$0
Remaining funds due$55,808
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)$599.36
Prepaid interest, second (6 days)$109.32
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 5.56%
Interest already paid$150,596Through Dec 2026
Assumption only · ends Dec 2052$683,425
Assumption + second · ends Dec 2052, second Jan 2057$832,855
New conventional · ends Jan 2057$1,044,576