Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,445/mo
Lowest payment- Down payment
- $652,133
- Funds due
- $669,960
- Interest + MI left
- $242,960
- First ends
- May 2052
Assumption
Assumption + second
$6,399/mo
+$3,955/mo- Down payment
- $100,133
- Funds due
- $119,327
- Interest + MI left
- $1,114,614
- First ends
- May 2052
New loan
New conventional
$6,816/mo
+$4,371/mo- Down payment
- $100,133
- Funds due
- $115,305
- Interest + MI left
- $1,364,707
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $347,866 | $347,866 | $899,866 |
| Second mortgage | — | $552,000 | — |
| First P&I | $1,769.24 | $1,769.24 | $6,230.49 |
| Second P&I | — | $3,954.60 | — |
| Mortgage insurance | $270.27 | $270.27 | $179.97 |
| Taxes, insurance & HOA | $405.33 | $405.33 | $405.33 |
| Total housing payment | $2,444.85 | $6,399.44 | $6,815.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$100,133
Closing costs & prepaids$19,194
Usable credit−$0
Total buyer cash needed$119,327
Earnest money paid−$0
Remaining funds due$119,327
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)$566.00
Prepaid interest, first (1 days)$35.83
Prepaid interest, second (1 days)$117.21
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 6 moOf the original 30-year loan at 3.760%
Interest already paid$61,843Through Nov 2026
Assumption only · ends May 2052$242,960
Assumption + second · ends May 2052, second Dec 2056$1,114,614
New conventional · ends Dec 2056$1,364,707