Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,957/mo
Lowest payment- Down payment
- $174,384
- Funds due
- $187,692
- Interest + MI left
- $359,751
- First ends
- Jul 2052
Assumption
Assumption + second
$3,816/mo
+$859/mo- Down payment
- $57,384
- Funds due
- $72,173
- Interest + MI left
- $551,813
- First ends
- Jul 2052
New loan
New conventional
$3,948/mo
+$990/mo- Down payment
- $57,384
- Funds due
- $68,738
- Interest + MI left
- $745,143
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,616 | $392,616 | $509,616 |
| Second mortgage | — | $117,000 | — |
| First P&I | $2,264.36 | $2,264.36 | $3,452.32 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | $299.46 | $299.46 | $101.92 |
| Taxes, insurance & HOA | $393.50 | $393.50 | $393.50 |
| Total housing payment | $2,957.32 | $3,815.83 | $3,947.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$57,384
Closing costs & prepaids$14,788
Usable credit−$0
Total buyer cash needed$72,173
Earnest money paid−$0
Remaining funds due$72,173
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,670.00
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)$680.50
Prepaid interest, first (9 days)$482.11
Prepaid interest, second (9 days)$230.79
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$89,856Through Dec 2026
Assumption only · ends Jul 2052$359,751
Assumption + second · ends Jul 2052, second Jan 2057$551,813
New conventional · ends Jan 2057$745,143