Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,332/mo
Lowest payment- Down payment
- $50,399
- Funds due
- $60,816
- Interest + MI left
- $307,733
- First ends
- Oct 2052
Assumption
Assumption + second
$2,658/mo
+$326/mo- Down payment
- $18,399
- Funds due
- $30,128
- Interest + MI left
- $393,122
- First ends
- Oct 2052
New loan
New conventional
$2,603/mo
+$271/mo- Down payment
- $18,399
- Funds due
- $26,951
- Interest + MI left
- $486,580
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $299,601 | $299,601 | $331,601 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,815.89 | $1,815.89 | $2,246.38 |
| Second P&I | — | $326.08 | — |
| Mortgage insurance | $226.04 | $226.04 | $66.32 |
| Taxes, insurance & HOA | $290.00 | $290.00 | $290.00 |
| Total housing payment | $2,331.93 | $2,658.01 | $2,602.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$18,399
Closing costs & prepaids$11,729
Usable credit−$0
Total buyer cash needed$30,128
Earnest money paid−$0
Remaining funds due$30,128
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$420.00
Prepaid interest, first (6 days)$271.86
Prepaid interest, second (6 days)$62.47
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 10 moOf the original 30-year loan at 5.52%
Interest already paid$71,283Through Dec 2026
Assumption only · ends Oct 2052$307,733
Assumption + second · ends Oct 2052, second Jan 2057$393,122
New conventional · ends Jan 2057$486,580