Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,504/mo
Lowest payment- Down payment
- $49,707
- Funds due
- $60,272
- Interest + MI left
- $309,912
- First ends
- Jun 2052
Assumption
Assumption + second
$2,799/mo
+$296/mo- Down payment
- $20,707
- Funds due
- $32,532
- Interest + MI left
- $387,296
- First ends
- Jun 2052
New loan
New conventional
$2,988/mo
+$484/mo- Down payment
- $20,707
- Funds due
- $29,298
- Interest + MI left
- $592,490
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $360,292 | $360,292 | $389,292 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,013.08 | $2,013.08 | $2,695.38 |
| Second P&I | — | $295.51 | — |
| Mortgage insurance | $275.90 | $275.90 | $77.86 |
| Taxes, insurance & HOA | $214.83 | $214.83 | $214.83 |
| Total housing payment | $2,503.81 | $2,799.32 | $2,988.07 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,707
Closing costs & prepaids$11,825
Usable credit−$0
Total buyer cash needed$32,532
Earnest money paid−$0
Remaining funds due$32,532
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,099.99
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)$194.50
Prepaid interest, first (1 days)$46.10
Prepaid interest, second (1 days)$9.43
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 7 moOf the original 30-year loan at 4.670%
Interest already paid$77,486Through Nov 2026
Assumption only · ends Jun 2052$309,912
Assumption + second · ends Jun 2052, second Dec 2056$387,296
New conventional · ends Dec 2056$592,490