Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,299/mo
Lowest payment- Down payment
- $154,244
- Funds due
- $165,787
- Interest + MI left
- $280,226
- First ends
- Jul 2052
Assumption
Assumption + second
$3,091/mo
+$792/mo- Down payment
- $46,244
- Funds due
- $59,060
- Interest + MI left
- $457,514
- First ends
- Jul 2052
New loan
New conventional
$3,252/mo
+$954/mo- Down payment
- $46,244
- Funds due
- $55,566
- Interest + MI left
- $625,972
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $304,756 | $304,756 | $412,756 |
| Second mortgage | — | $108,000 | — |
| First P&I | $1,754.81 | $1,754.81 | $2,857.84 |
| Second P&I | — | $792.47 | — |
| Mortgage insurance | $232.07 | $232.07 | $82.55 |
| Taxes, insurance & HOA | $311.92 | $311.92 | $311.92 |
| Total housing payment | $2,298.80 | $3,091.27 | $3,252.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,244
Closing costs & prepaids$12,816
Usable credit−$0
Total buyer cash needed$59,060
Earnest money paid−$0
Remaining funds due$59,060
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$435.75
Prepaid interest, first (1 days)$41.58
Prepaid interest, second (1 days)$23.67
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 4.980%
Interest already paid$68,371Through Nov 2026
Assumption only · ends Jul 2052$280,226
Assumption + second · ends Jul 2052, second Dec 2056$457,514
New conventional · ends Dec 2056$625,972