Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,537/mo
Lowest payment- Down payment
- $67,203
- Funds due
- $78,289
- Interest + MI left
- $317,125
- First ends
- Oct 2052
Assumption
Assumption + second
$2,746/mo
+$209/mo- Down payment
- $41,203
- Funds due
- $53,577
- Interest + MI left
- $366,438
- First ends
- Oct 2052
New loan
New conventional
$2,879/mo
+$342/mo- Down payment
- $41,203
- Funds due
- $50,231
- Interest + MI left
- $537,780
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,797 | $341,797 | $367,797 |
| Second mortgage | — | $26,000 | — |
| First P&I | $1,963.84 | $1,963.84 | $2,491.58 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $259.42 | $259.42 | $73.56 |
| Taxes, insurance & HOA | $313.58 | $313.58 | $313.58 |
| Total housing payment | $2,536.85 | $2,746.05 | $2,878.73 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$41,203
Closing costs & prepaids$12,375
Usable credit−$0
Total buyer cash needed$53,577
Earnest money paid−$0
Remaining funds due$53,577
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,090.00
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)$490.75
Prepaid interest, first (6 days)$280.37
Prepaid interest, second (6 days)$38.47
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 4.99%
Interest already paid$73,745Through Dec 2026
Assumption only · ends Oct 2052$317,125
Assumption + second · ends Oct 2052, second Jan 2057$366,438
New conventional · ends Jan 2057$537,780