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
- $147,210
- Funds due
- $158,816
- Interest + MI left
- $299,570
- First ends
- Oct 2052
Assumption
Assumption + second
$3,086/mo
+$748/mo- Down payment
- $45,210
- Funds due
- $58,267
- Interest + MI left
- $467,008
- First ends
- Oct 2052
New loan
New conventional
$3,116/mo
+$778/mo- Down payment
- $45,210
- Funds due
- $54,874
- Interest + MI left
- $584,333
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $297,690 | $297,690 | $399,690 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,784.62 | $1,784.62 | $2,707.64 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $224.87 | $224.87 | $79.94 |
| Taxes, insurance & HOA | $328.00 | $328.00 | $328.00 |
| Total housing payment | $2,337.49 | $3,085.93 | $3,115.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,210
Closing costs & prepaids$13,056
Usable credit−$0
Total buyer cash needed$58,267
Earnest money paid−$0
Remaining funds due$58,267
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$534.00
Prepaid interest, first (9 days)$397.11
Prepaid interest, second (9 days)$201.21
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 10 moOf the original 30-year loan at 5.41%
Interest already paid$69,460Through Dec 2026
Assumption only · ends Oct 2052$299,570
Assumption + second · ends Oct 2052, second Jan 2057$467,008
New conventional · ends Jan 2057$584,333