Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,643/mo
Lowest payment- Down payment
- $79,414
- Funds due
- $90,652
- Interest + MI left
- $348,583
- First ends
- Sep 2052
Assumption
Assumption + second
$2,940/mo
+$298/mo- Down payment
- $42,414
- Funds due
- $54,957
- Interest + MI left
- $418,758
- First ends
- Sep 2052
New loan
New conventional
$2,951/mo
+$309/mo- Down payment
- $42,414
- Funds due
- $51,565
- Interest + MI left
- $552,093
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $340,586 | $340,586 | $377,586 |
| Second mortgage | — | $37,000 | — |
| First P&I | $2,067.33 | $2,067.33 | $2,557.90 |
| Second P&I | — | $297.71 | — |
| Mortgage insurance | $257.34 | $257.34 | $75.52 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,642.66 | $2,940.37 | $2,951.42 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,414
Closing costs & prepaids$12,543
Usable credit−$0
Total buyer cash needed$54,957
Earnest money paid−$0
Remaining funds due$54,957
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$504.00
Prepaid interest, first (6 days)$309.05
Prepaid interest, second (6 days)$54.74
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 9 moOf the original 30-year loan at 5.52%
Interest already paid$82,722Through Dec 2026
Assumption only · ends Sep 2052$348,583
Assumption + second · ends Sep 2052, second Jan 2057$418,758
New conventional · ends Jan 2057$552,093