Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,041/mo
Lowest payment- Down payment
- $82,674
- Funds due
- $93,484
- Interest + MI left
- $178,611
- First ends
- Apr 2052
Assumption
Assumption + second
$2,443/mo
+$402/mo- Down payment
- $32,674
- Funds due
- $44,746
- Interest + MI left
- $273,443
- First ends
- Apr 2052
New loan
New conventional
$2,669/mo
+$628/mo- Down payment
- $32,674
- Funds due
- $41,390
- Interest + MI left
- $443,332
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $242,326 | $242,326 | $292,326 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,266.89 | $1,266.89 | $2,024.01 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $187.97 | $187.97 | $58.47 |
| Taxes, insurance & HOA | $586.25 | $586.25 | $586.25 |
| Total housing payment | $2,041.10 | $2,443.42 | $2,668.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$32,674
Closing costs & prepaids$12,073
Usable credit−$0
Total buyer cash needed$44,746
Earnest money paid−$0
Remaining funds due$44,746
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,250.00
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)$1,308.75
Prepaid interest, first (1 days)$26.56
Prepaid interest, second (1 days)$12.33
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 5 moOf the original 30-year loan at 4.000%
Interest already paid$46,641Through Nov 2026
Assumption only · ends Apr 2052$178,611
Assumption + second · ends Apr 2052, second Dec 2056$273,443
New conventional · ends Dec 2056$443,332