Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,482/mo
Lowest payment- Down payment
- $98,561
- Funds due
- $109,816
- Interest + MI left
- $291,138
- First ends
- Aug 2052
Assumption
Assumption + second
$2,948/mo
+$467/mo- Down payment
- $40,561
- Funds due
- $53,081
- Interest + MI left
- $401,144
- First ends
- Aug 2052
New loan
New conventional
$3,036/mo
+$554/mo- Down payment
- $40,561
- Funds due
- $49,641
- Interest + MI left
- $543,525
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,439 | $300,439 | $358,439 |
| Second mortgage | — | $58,000 | — |
| First P&I | $1,771.52 | $1,771.52 | $2,481.76 |
| Second P&I | — | $466.68 | — |
| Mortgage insurance | $227.75 | $227.75 | $71.69 |
| Taxes, insurance & HOA | $482.50 | $482.50 | $482.50 |
| Total housing payment | $2,481.77 | $2,948.45 | $3,035.95 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,561
Closing costs & prepaids$12,520
Usable credit−$0
Total buyer cash needed$53,081
Earnest money paid−$0
Remaining funds due$53,081
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,990.00
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)$997.50
Prepaid interest, first (1 days)$43.05
Prepaid interest, second (1 days)$14.30
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 5.230%
Interest already paid$69,257Through Nov 2026
Assumption only · ends Aug 2052$291,138
Assumption + second · ends Aug 2052, second Dec 2056$401,144
New conventional · ends Dec 2056$543,525