Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,771/mo
Lowest payment- Down payment
- $51,309
- Funds due
- $62,667
- Interest + MI left
- $365,989
- First ends
- Oct 2052
Assumption
Assumption + second
$3,077/mo
+$306/mo- Down payment
- $21,309
- Funds due
- $34,005
- Interest + MI left
- $446,041
- First ends
- Oct 2052
New loan
New conventional
$3,062/mo
+$291/mo- Down payment
- $21,309
- Funds due
- $30,866
- Interest + MI left
- $577,689
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,691 | $363,691 | $393,691 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,180.29 | $2,180.29 | $2,667.00 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $274.72 | $274.72 | $78.74 |
| Taxes, insurance & HOA | $316.00 | $316.00 | $316.00 |
| Total housing payment | $2,771.01 | $3,076.71 | $3,061.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,309
Closing costs & prepaids$12,696
Usable credit−$0
Total buyer cash needed$34,005
Earnest money paid−$0
Remaining funds due$34,005
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$498.00
Prepaid interest, first (9 days)$485.15
Prepaid interest, second (9 days)$87.84
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$84,861Through Dec 2026
Assumption only · ends Oct 2052$365,989
Assumption + second · ends Oct 2052, second Jan 2057$446,041
New conventional · ends Jan 2057$577,689