Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,781/mo
Lowest payment- Down payment
- $176,510
- Funds due
- $189,489
- Interest + MI left
- $340,954
- First ends
- Jul 2052
Assumption
Assumption + second
$3,676/mo
+$895/mo- Down payment
- $54,510
- Funds due
- $68,980
- Interest + MI left
- $541,223
- First ends
- Jul 2052
New loan
New conventional
$3,768/mo
+$987/mo- Down payment
- $54,510
- Funds due
- $65,546
- Interest + MI left
- $709,720
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $363,390 | $363,390 | $485,390 |
| Second mortgage | — | $122,000 | — |
| First P&I | $2,121.41 | $2,121.41 | $3,288.20 |
| Second P&I | — | $895.19 | — |
| Mortgage insurance | $276.76 | $276.76 | $97.08 |
| Taxes, insurance & HOA | $382.67 | $382.67 | $382.67 |
| Total housing payment | $2,780.84 | $3,676.03 | $3,767.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,510
Closing costs & prepaids$14,470
Usable credit−$0
Total buyer cash needed$68,980
Earnest money paid−$0
Remaining funds due$68,980
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,399.00
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)$648.00
Prepaid interest, first (9 days)$456.98
Prepaid interest, second (9 days)$240.66
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 7 moOf the original 30-year loan at 5.1%
Interest already paid$85,105Through Dec 2026
Assumption only · ends Jul 2052$340,954
Assumption + second · ends Jul 2052, second Jan 2057$541,223
New conventional · ends Jan 2057$709,720