Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,625/mo
Lowest payment- Down payment
- $93,699
- Funds due
- $104,854
- Interest + MI left
- $335,483
- First ends
- Jul 2052
Assumption
Assumption + second
$3,011/mo
+$386/mo- Down payment
- $45,699
- Funds due
- $58,116
- Interest + MI left
- $426,521
- First ends
- Jul 2052
New loan
New conventional
$3,157/mo
+$532/mo- Down payment
- $45,699
- Funds due
- $54,629
- Interest + MI left
- $613,069
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $356,301 | $356,301 | $404,301 |
| Second mortgage | — | $48,000 | — |
| First P&I | $2,076.74 | $2,076.74 | $2,799.30 |
| Second P&I | — | $386.22 | — |
| Mortgage insurance | $270.93 | $270.93 | $80.86 |
| Taxes, insurance & HOA | $276.83 | $276.83 | $276.83 |
| Total housing payment | $2,624.51 | $3,010.73 | $3,156.99 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$45,699
Closing costs & prepaids$12,417
Usable credit−$0
Total buyer cash needed$58,116
Earnest money paid−$0
Remaining funds due$58,116
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,500.00
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)$380.50
Prepaid interest, first (1 days)$49.78
Prepaid interest, second (1 days)$11.84
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 8 moOf the original 30-year loan at 5.100%
Interest already paid$81,799Through Nov 2026
Assumption only · ends Jul 2052$335,483
Assumption + second · ends Jul 2052, second Dec 2056$426,521
New conventional · ends Dec 2056$613,069