Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,446/mo
Lowest payment- Down payment
- $95,611
- Funds due
- $104,896
- Interest + MI left
- $174,053
- First ends
- Jul 2052
Assumption
Assumption + second
$1,985/mo
+$539/mo- Down payment
- $28,611
- Funds due
- $39,162
- Interest + MI left
- $301,128
- First ends
- Jul 2052
New loan
New conventional
$2,038/mo
+$592/mo- Down payment
- $28,611
- Funds due
- $35,836
- Interest + MI left
- $388,680
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,289 | $189,289 | $256,289 |
| Second mortgage | — | $67,000 | — |
| First P&I | $1,089.95 | $1,089.95 | $1,774.49 |
| Second P&I | — | $539.10 | — |
| Mortgage insurance | $144.15 | $144.15 | $51.26 |
| Taxes, insurance & HOA | $211.75 | $211.75 | $211.75 |
| Total housing payment | $1,445.84 | $1,984.94 | $2,037.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,611
Closing costs & prepaids$10,552
Usable credit−$0
Total buyer cash needed$39,162
Earnest money paid−$0
Remaining funds due$39,162
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,849.00
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)$185.25
Prepaid interest, first (1 days)$25.83
Prepaid interest, second (1 days)$16.52
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$42,466Through Nov 2026
Assumption only · ends Jul 2052$174,053
Assumption + second · ends Jul 2052, second Dec 2056$301,128
New conventional · ends Dec 2056$388,680