Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,933/mo
Lowest payment- Down payment
- $61,811
- Funds due
- $71,403
- Interest + MI left
- $260,744
- First ends
- Oct 2052
Assumption
Assumption + second
$2,166/mo
+$233/mo- Down payment
- $32,811
- Funds due
- $43,660
- Interest + MI left
- $315,746
- First ends
- Oct 2052
New loan
New conventional
$2,239/mo
+$306/mo- Down payment
- $32,811
- Funds due
- $40,295
- Interest + MI left
- $435,482
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $258,188 | $258,188 | $287,188 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,545.52 | $1,545.52 | $1,988.43 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $194.74 | $194.74 | $57.44 |
| Taxes, insurance & HOA | $192.83 | $192.83 | $192.83 |
| Total housing payment | $1,933.10 | $2,166.44 | $2,238.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,811
Closing costs & prepaids$10,849
Usable credit−$0
Total buyer cash needed$43,660
Earnest money paid−$0
Remaining funds due$43,660
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,199.99
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)$128.50
Prepaid interest, first (1 days)$38.27
Prepaid interest, second (1 days)$7.15
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$58,990Through Nov 2026
Assumption only · ends Oct 2052$260,744
Assumption + second · ends Oct 2052, second Dec 2056$315,746
New conventional · ends Dec 2056$435,482