Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,800/mo
Lowest payment- Down payment
- $197,276
- Funds due
- $210,472
- Interest + MI left
- $327,433
- First ends
- Jul 2052
Assumption
Assumption + second
$3,820/mo
+$1,020/mo- Down payment
- $58,276
- Funds due
- $72,905
- Interest + MI left
- $555,609
- First ends
- Jul 2052
New loan
New conventional
$3,993/mo
+$1,193/mo- Down payment
- $58,276
- Funds due
- $69,406
- Interest + MI left
- $753,971
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $376,724 | $376,724 | $515,724 |
| Second mortgage | — | $139,000 | — |
| First P&I | $2,115.75 | $2,115.75 | $3,493.69 |
| Second P&I | — | $1,019.93 | — |
| Mortgage insurance | $288.29 | $288.29 | $103.14 |
| Taxes, insurance & HOA | $396.25 | $396.25 | $396.25 |
| Total housing payment | $2,800.29 | $3,820.23 | $3,993.09 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,276
Closing costs & prepaids$14,629
Usable credit−$0
Total buyer cash needed$72,905
Earnest money paid−$0
Remaining funds due$72,905
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,740.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$688.75
Prepaid interest, first (6 days)$292.30
Prepaid interest, second (6 days)$182.79
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 4.72%
Interest already paid$81,859Through Dec 2026
Assumption only · ends Jul 2052$327,433
Assumption + second · ends Jul 2052, second Jan 2057$555,609
New conventional · ends Jan 2057$753,971