Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,098/mo
Lowest payment- Down payment
- $76,038
- Funds due
- $86,528
- Interest + MI left
- $257,047
- First ends
- Jul 2052
Assumption
Assumption + second
$2,428/mo
+$330/mo- Down payment
- $35,038
- Funds due
- $46,869
- Interest + MI left
- $334,809
- First ends
- Jul 2052
New loan
New conventional
$2,487/mo
+$389/mo- Down payment
- $35,038
- Funds due
- $43,590
- Interest + MI left
- $460,527
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $273,962 | $273,962 | $314,962 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,599.35 | $1,599.35 | $2,133.66 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $208.65 | $208.65 | $62.99 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $2,098.00 | $2,427.89 | $2,486.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,038
Closing costs & prepaids$11,831
Usable credit−$0
Total buyer cash needed$46,869
Earnest money paid−$0
Remaining funds due$46,869
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (9 days)$344.52
Prepaid interest, second (9 days)$90.99
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 5.1%
Interest already paid$64,161Through Dec 2026
Assumption only · ends Jul 2052$257,047
Assumption + second · ends Jul 2052, second Jan 2057$334,809
New conventional · ends Jan 2057$460,527