Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,578/mo
Lowest payment- Down payment
- $75,091
- Funds due
- $86,105
- Interest + MI left
- $348,604
- First ends
- Sep 2052
Assumption
Assumption + second
$2,860/mo
+$282/mo- Down payment
- $40,091
- Funds due
- $52,407
- Interest + MI left
- $414,986
- First ends
- Sep 2052
New loan
New conventional
$2,820/mo
+$242/mo- Down payment
- $40,091
- Funds due
- $49,020
- Interest + MI left
- $526,246
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $324,909 | $324,909 | $359,909 |
| Second mortgage | — | $35,000 | — |
| First P&I | $2,023.38 | $2,023.38 | $2,438.15 |
| Second P&I | — | $281.62 | — |
| Mortgage insurance | $244.80 | $244.80 | $71.98 |
| Taxes, insurance & HOA | $310.00 | $310.00 | $310.00 |
| Total housing payment | $2,578.17 | $2,859.79 | $2,820.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,091
Closing costs & prepaids$12,315
Usable credit−$0
Total buyer cash needed$52,407
Earnest money paid−$0
Remaining funds due$52,407
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)$308.71
Prepaid interest, second (6 days)$51.78
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 5.78%
Interest already paid$82,508Through Dec 2026
Assumption only · ends Sep 2052$348,604
Assumption + second · ends Sep 2052, second Jan 2057$414,986
New conventional · ends Jan 2057$526,246