Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,711/mo
Lowest payment- Down payment
- $199,456
- Funds due
- $216,716
- Interest + MI left
- $587,272
- First ends
- Dec 2052
Assumption
Assumption + second
$5,548/mo
+$836/mo- Down payment
- $85,456
- Funds due
- $104,116
- Interest + MI left
- $774,409
- First ends
- Dec 2052
New loan
New conventional
$5,889/mo
+$1,178/mo- Down payment
- $85,456
- Funds due
- $100,449
- Interest + MI left
- $1,117,890
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $650,544 | $650,544 | $764,544 |
| Second mortgage | — | $114,000 | — |
| First P&I | $3,661.27 | $3,661.27 | $5,179.29 |
| Second P&I | — | $836.49 | — |
| Mortgage insurance | $493.16 | $493.16 | $152.91 |
| Taxes, insurance & HOA | $556.67 | $556.67 | $556.67 |
| Total housing payment | $4,711.09 | $5,547.58 | $5,888.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$85,456
Closing costs & prepaids$18,660
Usable credit−$0
Total buyer cash needed$104,116
Earnest money paid−$0
Remaining funds due$104,116
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,500.00
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)$1,020.00
Prepaid interest, first (6 days)$515.45
Prepaid interest, second (6 days)$149.92
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 4.82%
Interest already paid$130,061Through Dec 2026
Assumption only · ends Dec 2052$587,272
Assumption + second · ends Dec 2052, second Jan 2057$774,409
New conventional · ends Jan 2057$1,117,890