Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,159/mo
Lowest payment- Down payment
- $475,766
- Funds due
- $495,825
- Interest + MI left
- $722,423
- First ends
- Feb 2052
Assumption
Assumption + second
$7,788/mo
+$2,629/mo- Down payment
- $108,766
- Funds due
- $130,542
- Interest + MI left
- $1,301,947
- First ends
- Feb 2052
New loan
New conventional
$7,459/mo
+$2,300/mo- Down payment
- $108,766
- Funds due
- $126,408
- Interest + MI left
- $1,427,416
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $609,234 | $609,234 | $976,234 |
| Second mortgage | — | $367,000 | — |
| First P&I | $4,221.73 | $4,221.73 | $6,613.35 |
| Second P&I | — | $2,629.23 | — |
| Mortgage insurance | $286.46 | $286.46 | $195.25 |
| Taxes, insurance & HOA | $650.67 | $650.67 | $650.67 |
| Total housing payment | $5,158.86 | $7,788.09 | $7,459.26 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$108,766
Closing costs & prepaids$21,777
Usable credit−$0
Total buyer cash needed$130,542
Earnest money paid−$0
Remaining funds due$130,542
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$10,850.00
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)$1,302.00
Prepaid interest, first (6 days)$682.01
Prepaid interest, second (6 days)$467.55
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 closing25 yr 2 moOf the original 27-year loan at 6.81%
Interest already paid$77,112Through Dec 2026
Assumption only · ends Feb 2052$722,423
Assumption + second · ends Feb 2052, second Jan 2057$1,301,947
New conventional · ends Jan 2057$1,427,416