Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,518/mo
Lowest payment- Down payment
- $86,095
- Funds due
- $97,150
- Interest + MI left
- $308,097
- First ends
- Aug 2052
Assumption
Assumption + second
$2,872/mo
+$354/mo- Down payment
- $42,095
- Funds due
- $54,411
- Interest + MI left
- $391,549
- First ends
- Aug 2052
New loan
New conventional
$3,037/mo
+$519/mo- Down payment
- $42,095
- Funds due
- $50,961
- Interest + MI left
- $573,103
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $333,895 | $333,895 | $377,895 |
| Second mortgage | — | $44,000 | — |
| First P&I | $1,919.53 | $1,919.53 | $2,616.47 |
| Second P&I | — | $354.03 | — |
| Mortgage insurance | $253.86 | $253.86 | $75.58 |
| Taxes, insurance & HOA | $345.00 | $345.00 | $345.00 |
| Total housing payment | $2,518.38 | $2,872.42 | $3,037.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,095
Closing costs & prepaids$12,316
Usable credit−$0
Total buyer cash needed$54,411
Earnest money paid−$0
Remaining funds due$54,411
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,199.90
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)$585.00
Prepaid interest, first (1 days)$45.56
Prepaid interest, second (1 days)$10.85
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 9 moOf the original 30-year loan at 4.980%
Interest already paid$73,403Through Nov 2026
Assumption only · ends Aug 2052$308,097
Assumption + second · ends Aug 2052, second Dec 2056$391,549
New conventional · ends Dec 2056$573,103