Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,139/mo
Lowest payment- Down payment
- $110,550
- Funds due
- $123,471
- Interest + MI left
- $392,913
- First ends
- Jul 2052
Assumption
Assumption + second
$3,597/mo
+$459/mo- Down payment
- $53,550
- Funds due
- $67,848
- Interest + MI left
- $501,021
- First ends
- Jul 2052
New loan
New conventional
$3,691/mo
+$552/mo- Down payment
- $53,550
- Funds due
- $64,450
- Interest + MI left
- $694,455
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $417,950 | $417,950 | $474,950 |
| Second mortgage | — | $57,000 | — |
| First P&I | $2,442.39 | $2,442.39 | $3,217.48 |
| Second P&I | — | $458.63 | — |
| Mortgage insurance | $318.27 | $318.27 | $94.99 |
| Taxes, insurance & HOA | $378.08 | $378.08 | $378.08 |
| Total housing payment | $3,138.74 | $3,597.38 | $3,690.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,550
Closing costs & prepaids$14,297
Usable credit−$0
Total buyer cash needed$67,848
Earnest money paid−$0
Remaining funds due$67,848
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,285.00
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)$634.25
Prepaid interest, first (9 days)$526.62
Prepaid interest, second (9 days)$126.49
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 5.11%
Interest already paid$98,068Through Dec 2026
Assumption only · ends Jul 2052$392,913
Assumption + second · ends Jul 2052, second Jan 2057$501,021
New conventional · ends Jan 2057$694,455