Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,974/mo
Lowest payment- Down payment
- $261,390
- Funds due
- $273,752
- Interest + MI left
- $241,142
- First ends
- Sep 2052
Assumption
Assumption + second
$3,485/mo
+$1,512/mo- Down payment
- $50,390
- Funds due
- $64,405
- Interest + MI left
- $574,329
- First ends
- Sep 2052
New loan
New conventional
$3,480/mo
+$1,507/mo- Down payment
- $50,390
- Funds due
- $60,918
- Interest + MI left
- $653,018
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,610 | $235,610 | $446,610 |
| Second mortgage | — | $211,000 | — |
| First P&I | $1,430.13 | $1,430.13 | $3,025.49 |
| Second P&I | — | $1,511.63 | — |
| Mortgage insurance | $178.02 | $178.02 | $89.32 |
| Taxes, insurance & HOA | $365.50 | $365.50 | $365.50 |
| Total housing payment | $1,973.65 | $3,485.28 | $3,480.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,390
Closing costs & prepaids$14,015
Usable credit−$0
Total buyer cash needed$64,405
Earnest money paid−$0
Remaining funds due$64,405
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,970.00
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)$596.50
Prepaid interest, first (9 days)$320.69
Prepaid interest, second (9 days)$403.21
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$57,225Through Dec 2026
Assumption only · ends Sep 2052$241,142
Assumption + second · ends Sep 2052, second Jan 2057$574,329
New conventional · ends Jan 2057$653,018