Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,337/mo
Lowest payment- Down payment
- $154,734
- Funds due
- $166,724
- Interest + MI left
- $278,797
- First ends
- Jul 2052
Assumption
Assumption + second
$3,130/mo
+$792/mo- Down payment
- $46,734
- Funds due
- $60,187
- Interest + MI left
- $456,084
- First ends
- Jul 2052
New loan
New conventional
$3,226/mo
+$888/mo- Down payment
- $46,734
- Funds due
- $56,812
- Interest + MI left
- $602,719
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,266 | $304,266 | $412,266 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,754.81 | $1,754.81 | $2,792.83 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $232.07 | $232.07 | $82.45 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $2,337.14 | $3,129.60 | $3,225.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,734
Closing costs & prepaids$13,452
Usable credit−$0
Total buyer cash needed$60,187
Earnest money paid−$0
Remaining funds due$60,187
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$550.75
Prepaid interest, first (9 days)$373.62
Prepaid interest, second (9 days)$213.04
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$69,636Through Dec 2026
Assumption only · ends Jul 2052$278,797
Assumption + second · ends Jul 2052, second Jan 2057$456,084
New conventional · ends Jan 2057$602,719