Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,709/mo
Lowest payment- Down payment
- $88,473
- Funds due
- $98,256
- Interest + MI left
- $203,192
- First ends
- Sep 2052
Assumption
Assumption + second
$2,191/mo
+$483/mo- Down payment
- $28,473
- Funds due
- $39,536
- Interest + MI left
- $316,991
- First ends
- Sep 2052
New loan
New conventional
$2,174/mo
+$466/mo- Down payment
- $28,473
- Funds due
- $36,214
- Interest + MI left
- $381,256
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $191,427 | $191,427 | $251,427 |
| Second mortgage | — | $60,000 | — |
| First P&I | $1,181.11 | $1,181.11 | $1,740.83 |
| Second P&I | — | $482.77 | — |
| Mortgage insurance | $144.15 | $144.15 | $50.29 |
| Taxes, insurance & HOA | $383.25 | $383.25 | $383.25 |
| Total housing payment | $1,708.51 | $2,191.28 | $2,174.37 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$28,473
Closing costs & prepaids$11,063
Usable credit−$0
Total buyer cash needed$39,536
Earnest money paid−$0
Remaining funds due$39,536
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,799.00
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)$699.75
Prepaid interest, first (2 days)$59.79
Prepaid interest, second (2 days)$29.59
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 10 moOf the original 30-year loan at 5.700%
Interest already paid$46,983Through Nov 2026
Assumption only · ends Sep 2052$203,192
Assumption + second · ends Sep 2052, second Dec 2056$316,991
New conventional · ends Dec 2056$381,256