Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,589/mo
Lowest payment- Down payment
- $179,627
- Funds due
- $192,203
- Interest + MI left
- $337,262
- First ends
- Nov 2052
Assumption
Assumption + second
$3,535/mo
+$947/mo- Down payment
- $50,627
- Funds due
- $64,708
- Interest + MI left
- $549,023
- First ends
- Nov 2052
New loan
New conventional
$3,538/mo
+$949/mo- Down payment
- $50,627
- Funds due
- $61,256
- Interest + MI left
- $664,368
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $325,373 | $325,373 | $454,373 |
| Second mortgage | — | $129,000 | — |
| First P&I | $1,975.13 | $1,975.13 | $3,078.08 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $245.05 | $245.05 | $90.87 |
| Taxes, insurance & HOA | $368.67 | $368.67 | $368.67 |
| Total housing payment | $2,588.85 | $3,535.40 | $3,537.62 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,627
Closing costs & prepaids$14,081
Usable credit−$0
Total buyer cash needed$64,708
Earnest money paid−$0
Remaining funds due$64,708
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,050.00
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)$606.00
Prepaid interest, first (9 days)$445.27
Prepaid interest, second (9 days)$254.47
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 11 moOf the original 30-year loan at 5.55%
Interest already paid$76,205Through Dec 2026
Assumption only · ends Nov 2052$337,262
Assumption + second · ends Nov 2052, second Jan 2057$549,023
New conventional · ends Jan 2057$664,368