Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,656/mo
Lowest payment- Down payment
- $652,813
- Funds due
- $671,559
- Interest + MI left
- $241,693
- First ends
- May 2052
Assumption
Assumption + second
$6,611/mo
+$3,955/mo- Down payment
- $100,813
- Funds due
- $121,864
- Interest + MI left
- $1,113,348
- First ends
- May 2052
New loan
New conventional
$6,888/mo
+$4,232/mo- Down payment
- $100,813
- Funds due
- $118,022
- Interest + MI left
- $1,314,759
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,186 | $347,186 | $899,186 |
| Second mortgage | — | $552,000 | — |
| First P&I | $1,769.24 | $1,769.24 | $6,091.40 |
| Second P&I | — | $3,954.60 | — |
| Mortgage insurance | $270.27 | $270.27 | $179.84 |
| Taxes, insurance & HOA | $616.67 | $616.67 | $616.67 |
| Total housing payment | $2,656.18 | $6,610.77 | $6,887.90 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,813
Closing costs & prepaids$21,052
Usable credit−$0
Total buyer cash needed$121,864
Earnest money paid−$0
Remaining funds due$121,864
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$9,999.99
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)$1,200.00
Prepaid interest, first (9 days)$321.88
Prepaid interest, second (9 days)$1,054.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 5 moOf the original 30-year loan at 3.76%
Interest already paid$62,933Through Dec 2026
Assumption only · ends May 2052$241,693
Assumption + second · ends May 2052, second Jan 2057$1,113,348
New conventional · ends Jan 2057$1,314,759