Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,966/mo
Lowest payment- Down payment
- $243,390
- Funds due
- $255,550
- Interest + MI left
- $241,142
- First ends
- Sep 2052
Assumption
Assumption + second
$3,397/mo
+$1,431/mo- Down payment
- $48,390
- Funds due
- $62,185
- Interest + MI left
- $561,245
- First ends
- Sep 2052
New loan
New conventional
$3,361/mo
+$1,395/mo- Down payment
- $48,390
- Funds due
- $58,708
- Interest + MI left
- $629,623
- 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 | $430,610 |
| Second mortgage | — | $195,000 | — |
| First P&I | $1,430.13 | $1,430.13 | $2,917.10 |
| Second P&I | — | $1,430.84 | — |
| Mortgage insurance | $178.02 | $178.02 | $86.12 |
| Taxes, insurance & HOA | $358.25 | $358.25 | $358.25 |
| Total housing payment | $1,966.40 | $3,397.24 | $3,361.47 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,390
Closing costs & prepaids$13,795
Usable credit−$0
Total buyer cash needed$62,185
Earnest money paid−$0
Remaining funds due$62,185
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$574.75
Prepaid interest, first (9 days)$320.69
Prepaid interest, second (9 days)$384.66
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$561,245
New conventional · ends Jan 2057$629,623