Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,502/mo
Lowest payment- Down payment
- $45,722
- Funds due
- $56,408
- Interest + MI left
- $352,167
- First ends
- Dec 2052
Assumption
Assumption + second
$2,777/mo
+$275/mo- Down payment
- $18,722
- Funds due
- $30,737
- Interest + MI left
- $424,214
- First ends
- Dec 2052
New loan
New conventional
$2,652/mo
+$150/mo- Down payment
- $18,722
- Funds due
- $27,557
- Interest + MI left
- $496,377
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $311,278 | $311,278 | $338,278 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,976.35 | $1,976.35 | $2,291.61 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $232.99 | $232.99 | $67.66 |
| Taxes, insurance & HOA | $292.83 | $292.83 | $292.83 |
| Total housing payment | $2,502.17 | $2,777.30 | $2,652.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,722
Closing costs & prepaids$12,015
Usable credit−$0
Total buyer cash needed$30,737
Earnest money paid−$0
Remaining funds due$30,737
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,570.00
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)$428.50
Prepaid interest, first (9 days)$462.06
Prepaid interest, second (9 days)$79.06
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 closing26 yrOf the original 30-year loan at 6.02%
Interest already paid$77,211Through Dec 2026
Assumption only · ends Dec 2052$352,167
Assumption + second · ends Dec 2052, second Jan 2057$424,214
New conventional · ends Jan 2057$496,377