Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,016/mo
Lowest payment- Down payment
- $75,605
- Funds due
- $85,542
- Interest + MI left
- $258,362
- First ends
- Jul 2052
Assumption
Assumption + second
$2,338/mo
+$322/mo- Down payment
- $35,605
- Funds due
- $46,802
- Interest + MI left
- $334,228
- First ends
- Jul 2052
New loan
New conventional
$2,448/mo
+$432/mo- Down payment
- $35,605
- Funds due
- $43,411
- Interest + MI left
- $476,738
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $274,395 | $274,395 | $314,395 |
| Second mortgage | — | $40,000 | — |
| First P&I | $1,599.35 | $1,599.35 | $2,176.81 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $208.65 | $208.65 | $62.88 |
| Taxes, insurance & HOA | $207.83 | $207.83 | $207.83 |
| Total housing payment | $2,015.83 | $2,337.68 | $2,447.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,605
Closing costs & prepaids$11,197
Usable credit−$0
Total buyer cash needed$46,802
Earnest money paid−$0
Remaining funds due$46,802
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,500.00
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)$173.50
Prepaid interest, first (1 days)$38.34
Prepaid interest, second (1 days)$9.86
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 5.100%
Interest already paid$62,995Through Nov 2026
Assumption only · ends Jul 2052$258,362
Assumption + second · ends Jul 2052, second Dec 2056$334,228
New conventional · ends Dec 2056$476,738