Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,296/mo
Lowest payment- Down payment
- $117,021
- Funds due
- $128,198
- Interest + MI left
- $277,618
- First ends
- Jul 2052
Assumption
Assumption + second
$2,900/mo
+$603/mo- Down payment
- $42,021
- Funds due
- $54,559
- Interest + MI left
- $419,866
- First ends
- Jul 2052
New loan
New conventional
$2,954/mo
+$658/mo- Down payment
- $42,021
- Funds due
- $51,176
- Interest + MI left
- $552,668
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $302,979 | $302,979 | $377,979 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,747.39 | $1,747.39 | $2,560.56 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $231.09 | $231.09 | $75.60 |
| Taxes, insurance & HOA | $318.00 | $318.00 | $318.00 |
| Total housing payment | $2,296.49 | $2,899.96 | $2,954.16 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,021
Closing costs & prepaids$12,538
Usable credit−$0
Total buyer cash needed$54,559
Earnest money paid−$0
Remaining funds due$54,559
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)$248.03
Prepaid interest, second (6 days)$110.96
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$69,341Through Dec 2026
Assumption only · ends Jul 2052$277,618
Assumption + second · ends Jul 2052, second Jan 2057$419,866
New conventional · ends Jan 2057$552,668