Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,369/mo
Lowest payment- Down payment
- $121,533
- Funds due
- $132,812
- Interest + MI left
- $279,041
- First ends
- Jul 2052
Assumption
Assumption + second
$3,005/mo
+$636/mo- Down payment
- $42,533
- Funds due
- $55,101
- Interest + MI left
- $428,876
- First ends
- Jul 2052
New loan
New conventional
$3,115/mo
+$746/mo- Down payment
- $42,533
- Funds due
- $51,659
- Interest + MI left
- $580,037
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,467 | $303,467 | $382,467 |
| Second mortgage | — | $79,000 | — |
| First P&I | $1,747.39 | $1,747.39 | $2,648.12 |
| Second P&I | — | $635.65 | — |
| Mortgage insurance | $231.09 | $231.09 | $76.49 |
| Taxes, insurance & HOA | $390.50 | $390.50 | $390.50 |
| Total housing payment | $2,368.99 | $3,004.64 | $3,115.12 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,533
Closing costs & prepaids$12,568
Usable credit−$0
Total buyer cash needed$55,101
Earnest money paid−$0
Remaining funds due$55,101
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,250.00
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)$721.50
Prepaid interest, first (2 days)$82.81
Prepaid interest, second (2 days)$38.96
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 8 moOf the original 30-year loan at 4.980%
Interest already paid$68,082Through Nov 2026
Assumption only · ends Jul 2052$279,041
Assumption + second · ends Jul 2052, second Dec 2056$428,876
New conventional · ends Dec 2056$580,037