Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,271/mo
Lowest payment- Down payment
- $146,770
- Funds due
- $157,823
- Interest + MI left
- $301,082
- First ends
- Oct 2052
Assumption
Assumption + second
$3,020/mo
+$748/mo- Down payment
- $44,770
- Funds due
- $57,096
- Interest + MI left
- $468,520
- First ends
- Oct 2052
New loan
New conventional
$3,112/mo
+$841/mo- Down payment
- $44,770
- Funds due
- $53,613
- Interest + MI left
- $606,824
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $298,130 | $298,130 | $400,130 |
| Second mortgage | — | $102,000 | — |
| First P&I | $1,784.62 | $1,784.62 | $2,770.42 |
| Second P&I | — | $748.44 | — |
| Mortgage insurance | $224.87 | $224.87 | $80.03 |
| Taxes, insurance & HOA | $261.75 | $261.75 | $261.75 |
| Total housing payment | $2,271.24 | $3,019.68 | $3,112.20 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,770
Closing costs & prepaids$12,326
Usable credit−$0
Total buyer cash needed$57,096
Earnest money paid−$0
Remaining funds due$57,096
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,449.00
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)$335.25
Prepaid interest, first (1 days)$44.19
Prepaid interest, second (1 days)$22.36
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 11 moOf the original 30-year loan at 5.410%
Interest already paid$68,116Through Nov 2026
Assumption only · ends Oct 2052$301,082
Assumption + second · ends Oct 2052, second Dec 2056$468,520
New conventional · ends Dec 2056$606,824