Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,702/mo
Lowest payment- Down payment
- $49,621
- Funds due
- $60,645
- Interest + MI left
- $361,221
- First ends
- Oct 2052
Assumption
Assumption + second
$2,998/mo
+$296/mo- Down payment
- $20,621
- Funds due
- $32,952
- Interest + MI left
- $438,605
- First ends
- Oct 2052
New loan
New conventional
$2,956/mo
+$254/mo- Down payment
- $20,621
- Funds due
- $29,768
- Interest + MI left
- $556,688
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $350,379 | $350,379 | $379,379 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,127.89 | $2,127.89 | $2,570.05 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $264.29 | $264.29 | $75.88 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,702.18 | $2,997.69 | $2,955.92 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,621
Closing costs & prepaids$12,331
Usable credit−$0
Total buyer cash needed$32,952
Earnest money paid−$0
Remaining funds due$32,952
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,000.00
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)$480.00
Prepaid interest, first (6 days)$319.08
Prepaid interest, second (6 days)$56.61
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 5.54%
Interest already paid$83,657Through Dec 2026
Assumption only · ends Oct 2052$361,221
Assumption + second · ends Oct 2052, second Jan 2057$438,605
New conventional · ends Jan 2057$556,688