Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,575/mo
Lowest payment- Down payment
- $55,049
- Funds due
- $64,541
- Interest + MI left
- $147,377
- First ends
- Apr 2052
Assumption
Assumption + second
$1,808/mo
+$233/mo- Down payment
- $26,049
- Funds due
- $36,805
- Interest + MI left
- $202,380
- First ends
- Apr 2052
New loan
New conventional
$2,005/mo
+$431/mo- Down payment
- $26,049
- Funds due
- $33,529
- Interest + MI left
- $347,174
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $199,951 | $199,951 | $228,951 |
| Second mortgage | — | $29,000 | — |
| First P&I | $1,045.35 | $1,045.35 | $1,585.21 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $155.10 | $155.10 | $45.79 |
| Taxes, insurance & HOA | $374.17 | $374.17 | $374.17 |
| Total housing payment | $1,574.61 | $1,807.95 | $2,005.17 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$26,049
Closing costs & prepaids$10,756
Usable credit−$0
Total buyer cash needed$36,805
Earnest money paid−$0
Remaining funds due$36,805
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,550.00
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)$672.50
Prepaid interest, first (2 days)$43.82
Prepaid interest, second (2 days)$14.30
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 5 moOf the original 30-year loan at 4.000%
Interest already paid$38,485Through Nov 2026
Assumption only · ends Apr 2052$147,377
Assumption + second · ends Apr 2052, second Dec 2056$202,380
New conventional · ends Dec 2056$347,174