Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,574/mo
Lowest payment- Down payment
- $108,158
- Funds due
- $117,783
- Interest + MI left
- $198,791
- First ends
- Oct 2052
Assumption
Assumption + second
$2,194/mo
+$620/mo- Down payment
- $31,158
- Funds due
- $42,071
- Interest + MI left
- $344,832
- First ends
- Oct 2052
New loan
New conventional
$2,198/mo
+$624/mo- Down payment
- $31,158
- Funds due
- $38,724
- Interest + MI left
- $415,245
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $196,842 | $196,842 | $273,842 |
| Second mortgage | — | $77,000 | — |
| First P&I | $1,178.31 | $1,178.31 | $1,896.03 |
| Second P&I | — | $619.56 | — |
| Mortgage insurance | $148.47 | $148.47 | $54.77 |
| Taxes, insurance & HOA | $247.25 | $247.25 | $247.25 |
| Total housing payment | $1,574.03 | $2,193.58 | $2,198.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,158
Closing costs & prepaids$10,913
Usable credit−$0
Total buyer cash needed$42,071
Earnest money paid−$0
Remaining funds due$42,071
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,050.00
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)$291.75
Prepaid interest, first (2 days)$58.35
Prepaid interest, second (2 days)$37.97
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$44,974Through Nov 2026
Assumption only · ends Oct 2052$198,791
Assumption + second · ends Oct 2052, second Dec 2056$344,832
New conventional · ends Dec 2056$415,245