Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$4,932/mo
Lowest payment- Down payment
- $243,296
- Funds due
- $261,221
- Interest + MI left
- $683,534
- First ends
- Apr 2053
Assumption
Assumption + second
$6,055/mo
+$1,123/mo- Down payment
- $90,296
- Funds due
- $109,672
- Interest + MI left
- $934,691
- First ends
- Apr 2053
New loan
New conventional
$6,224/mo
+$1,292/mo- Down payment
- $90,296
- Funds due
- $105,854
- Interest + MI left
- $1,183,921
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $656,704 | $656,704 | $809,704 |
| Second mortgage | — | $153,000 | — |
| First P&I | $4,038.32 | $4,038.32 | $5,485.22 |
| Second P&I | — | $1,122.66 | — |
| Mortgage insurance | $317.17 | $317.17 | $161.94 |
| Taxes, insurance & HOA | $576.67 | $576.67 | $576.67 |
| Total housing payment | $4,932.16 | $6,054.82 | $6,223.82 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$90,296
Closing costs & prepaids$19,377
Usable credit−$0
Total buyer cash needed$109,672
Earnest money paid−$0
Remaining funds due$109,672
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,000.00
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)$1,080.00
Prepaid interest, first (6 days)$620.72
Prepaid interest, second (6 days)$201.21
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 yr 4 moOf the original 30-year loan at 5.75%
Interest already paid$142,391Through Dec 2026
Assumption only · ends Apr 2053$683,534
Assumption + second · ends Apr 2053, second Jan 2057$934,691
New conventional · ends Jan 2057$1,183,921