Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,989/mo
Lowest payment- Down payment
- $57,417
- Funds due
- $67,852
- Interest + MI left
- $191,358
- First ends
- Oct 2052
Assumption
Assumption + second
$2,246/mo
+$257/mo- Down payment
- $25,417
- Funds due
- $37,117
- Interest + MI left
- $252,051
- First ends
- Oct 2052
New loan
New conventional
$2,289/mo
+$301/mo- Down payment
- $25,417
- Funds due
- $33,831
- Interest + MI left
- $335,805
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $189,483 | $189,483 | $221,483 |
| Second mortgage | — | $32,000 | — |
| First P&I | $1,134.25 | $1,134.25 | $1,533.50 |
| Second P&I | — | $257.48 | — |
| Mortgage insurance | $142.92 | $142.92 | $44.30 |
| Taxes, insurance & HOA | $711.33 | $711.33 | $711.33 |
| Total housing payment | $1,988.50 | $2,245.98 | $2,289.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$25,417
Closing costs & prepaids$11,700
Usable credit−$0
Total buyer cash needed$37,117
Earnest money paid−$0
Remaining funds due$37,117
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,469.00
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)$1,684.00
Prepaid interest, first (2 days)$56.17
Prepaid interest, second (2 days)$15.78
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$43,293Through Nov 2026
Assumption only · ends Oct 2052$191,358
Assumption + second · ends Oct 2052, second Dec 2056$252,051
New conventional · ends Dec 2056$335,805