Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,963/mo
Lowest payment- Down payment
- $234,290
- Funds due
- $246,348
- Interest + MI left
- $241,142
- First ends
- Sep 2052
Assumption
Assumption + second
$3,335/mo
+$1,372/mo- Down payment
- $47,290
- Funds due
- $60,967
- Interest + MI left
- $548,113
- First ends
- Sep 2052
New loan
New conventional
$3,302/mo
+$1,339/mo- Down payment
- $47,290
- Funds due
- $57,503
- Interest + MI left
- $617,926
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $235,610 | $235,610 | $422,610 |
| Second mortgage | — | $187,000 | — |
| First P&I | $1,430.13 | $1,430.13 | $2,862.91 |
| Second P&I | — | $1,372.14 | — |
| Mortgage insurance | $178.02 | $178.02 | $84.52 |
| Taxes, insurance & HOA | $354.67 | $354.67 | $354.67 |
| Total housing payment | $1,962.82 | $3,334.96 | $3,302.10 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,290
Closing costs & prepaids$13,678
Usable credit−$0
Total buyer cash needed$60,967
Earnest money paid−$0
Remaining funds due$60,967
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,699.00
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)$564.00
Prepaid interest, first (9 days)$320.69
Prepaid interest, second (9 days)$368.88
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$57,225Through Dec 2026
Assumption only · ends Sep 2052$241,142
Assumption + second · ends Sep 2052, second Jan 2057$548,113
New conventional · ends Jan 2057$617,926