Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,295/mo
Lowest payment- Down payment
- $189,488
- Funds due
- $199,642
- Interest + MI left
- $150,457
- First ends
- Oct 2052
Assumption
Assumption + second
$2,432/mo
+$1,137/mo- Down payment
- $34,488
- Funds due
- $46,096
- Interest + MI left
- $404,898
- First ends
- Oct 2052
New loan
New conventional
$2,409/mo
+$1,115/mo- Down payment
- $34,488
- Funds due
- $42,724
- Interest + MI left
- $445,186
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $149,512 | $149,512 | $304,512 |
| Second mortgage | — | $155,000 | — |
| First P&I | $896.31 | $896.31 | $2,062.87 |
| Second P&I | — | $1,137.34 | — |
| Mortgage insurance | $112.94 | $112.94 | $60.90 |
| Taxes, insurance & HOA | $285.58 | $285.58 | $285.58 |
| Total housing payment | $1,294.83 | $2,432.17 | $2,409.36 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$34,488
Closing costs & prepaids$11,609
Usable credit−$0
Total buyer cash needed$46,096
Earnest money paid−$0
Remaining funds due$46,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,390.00
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)$406.75
Prepaid interest, first (6 days)$132.96
Prepaid interest, second (6 days)$203.84
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 5.41%
Interest already paid$34,886Through Dec 2026
Assumption only · ends Oct 2052$150,457
Assumption + second · ends Oct 2052, second Jan 2057$404,898
New conventional · ends Jan 2057$445,186