Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,033/mo
Lowest payment- Down payment
- $46,004
- Funds due
- $56,088
- Interest + MI left
- $246,479
- First ends
- Jul 2052
Assumption
Assumption + second
$2,338/mo
+$306/mo- Down payment
- $16,004
- Funds due
- $27,426
- Interest + MI left
- $326,531
- First ends
- Jul 2052
New loan
New conventional
$2,361/mo
+$329/mo- Down payment
- $16,004
- Funds due
- $24,326
- Interest + MI left
- $438,796
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $268,996 | $268,996 | $298,996 |
| Second mortgage | — | $30,000 | — |
| First P&I | $1,551.40 | $1,551.40 | $2,025.50 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $205.17 | $205.17 | $59.80 |
| Taxes, insurance & HOA | $276.00 | $276.00 | $276.00 |
| Total housing payment | $2,032.57 | $2,338.27 | $2,361.30 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,004
Closing costs & prepaids$11,421
Usable credit−$0
Total buyer cash needed$27,426
Earnest money paid−$0
Remaining funds due$27,426
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,150.00
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)$378.00
Prepaid interest, first (9 days)$330.31
Prepaid interest, second (9 days)$87.84
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$61,564Through Dec 2026
Assumption only · ends Jul 2052$246,479
Assumption + second · ends Jul 2052, second Jan 2057$326,531
New conventional · ends Jan 2057$438,796