Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,415/mo
Lowest payment- Down payment
- $252,895
- Funds due
- $267,657
- Interest + MI left
- $425,451
- First ends
- Dec 2052
Assumption
Assumption + second
$4,794/mo
+$1,379/mo- Down payment
- $64,895
- Funds due
- $81,072
- Interest + MI left
- $734,063
- First ends
- Dec 2052
New loan
New conventional
$4,698/mo
+$1,283/mo- Down payment
- $64,895
- Funds due
- $77,406
- Interest + MI left
- $831,572
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $387,505 | $387,505 | $575,505 |
| Second mortgage | — | $188,000 | — |
| First P&I | $2,429.50 | $2,429.50 | $3,871.46 |
| Second P&I | — | $1,379.48 | — |
| Mortgage insurance | $274.48 | $274.48 | $115.10 |
| Taxes, insurance & HOA | $711.00 | $711.00 | $711.00 |
| Total housing payment | $3,414.98 | $4,794.46 | $4,697.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$64,895
Closing costs & prepaids$16,177
Usable credit−$0
Total buyer cash needed$81,072
Earnest money paid−$0
Remaining funds due$81,072
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$6,404.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$1,633.00
Prepaid interest, first (4 days)$250.17
Prepaid interest, second (4 days)$164.82
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5.891%
Interest already paid$94,121Through Dec 2026
Assumption only · ends Dec 2052$425,451
Assumption + second · ends Dec 2052, second Jan 2057$734,063
New conventional · ends Jan 2057$831,572