Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,458/mo
Lowest payment- Down payment
- $78,264
- Funds due
- $88,743
- Interest + MI left
- $301,583
- First ends
- Apr 2050
Assumption
Assumption + second
$2,788/mo
+$330/mo- Down payment
- $37,264
- Funds due
- $49,014
- Interest + MI left
- $379,345
- First ends
- Apr 2050
New loan
New conventional
$2,652/mo
+$193/mo- Down payment
- $37,264
- Funds due
- $45,600
- Interest + MI left
- $496,968
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,736 | $286,736 | $327,736 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,006.70 | $2,006.70 | $2,269.18 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $134.96 | $134.96 | $65.55 |
| Taxes, insurance & HOA | $316.83 | $316.83 | $316.83 |
| Total housing payment | $2,458.50 | $2,788.39 | $2,651.56 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,264
Closing costs & prepaids$11,749
Usable credit−$0
Total buyer cash needed$49,014
Earnest money paid−$0
Remaining funds due$49,014
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$500.50
Prepaid interest, first (2 days)$103.70
Prepaid interest, second (2 days)$20.22
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 closing23 yr 5 moOf the original 25-year loan at 6.600%
Interest already paid$30,396Through Nov 2026
Assumption only · ends Apr 2050$301,583
Assumption + second · ends Apr 2050, second Dec 2056$379,345
New conventional · ends Dec 2056$496,968