Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,229/mo
Lowest payment- Down payment
- $180,143
- Funds due
- $197,417
- Interest + MI left
- $745,405
- First ends
- Dec 2052
Assumption
Assumption + second
$6,001/mo
+$772/mo- Down payment
- $84,143
- Funds due
- $102,809
- Interest + MI left
- $927,482
- First ends
- Dec 2052
New loan
New conventional
$5,817/mo
+$588/mo- Down payment
- $84,143
- Funds due
- $99,014
- Interest + MI left
- $1,103,726
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $658,857 | $658,857 | $754,857 |
| Second mortgage | — | $96,000 | — |
| First P&I | $4,183.17 | $4,183.17 | $5,113.66 |
| Second P&I | — | $772.44 | — |
| Mortgage insurance | $493.16 | $493.16 | $150.97 |
| Taxes, insurance & HOA | $552.25 | $552.25 | $552.25 |
| Total housing payment | $5,228.58 | $6,001.02 | $5,816.89 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$84,143
Closing costs & prepaids$18,666
Usable credit−$0
Total buyer cash needed$102,809
Earnest money paid−$0
Remaining funds due$102,809
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,390.00
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)$1,006.75
Prepaid interest, first (6 days)$652.00
Prepaid interest, second (6 days)$142.03
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 closing26 yrOf the original 30-year loan at 6.02%
Interest already paid$163,425Through Dec 2026
Assumption only · ends Dec 2052$745,405
Assumption + second · ends Dec 2052, second Jan 2057$927,482
New conventional · ends Jan 2057$1,103,726