Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,997/mo
Lowest payment- Down payment
- $50,571
- Funds due
- $60,303
- Interest + MI left
- $247,743
- First ends
- Jul 2052
Assumption
Assumption + second
$2,343/mo
+$346/mo- Down payment
- $16,571
- Funds due
- $27,564
- Interest + MI left
- $338,468
- First ends
- Jul 2052
New loan
New conventional
$2,402/mo
+$405/mo- Down payment
- $16,571
- Funds due
- $24,362
- Interest + MI left
- $461,748
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $269,429 | $269,429 | $303,429 |
| Second mortgage | — | $34,000 | — |
| First P&I | $1,551.40 | $1,551.40 | $2,100.88 |
| Second P&I | — | $346.46 | — |
| Mortgage insurance | $205.17 | $205.17 | $60.69 |
| Taxes, insurance & HOA | $240.08 | $240.08 | $240.08 |
| Total housing payment | $1,996.65 | $2,343.11 | $2,401.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,571
Closing costs & prepaids$10,993
Usable credit−$0
Total buyer cash needed$27,564
Earnest money paid−$0
Remaining funds due$27,564
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,200.00
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)$270.25
Prepaid interest, first (1 days)$36.76
Prepaid interest, second (1 days)$11.06
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$60,445Through Nov 2026
Assumption only · ends Jul 2052$247,743
Assumption + second · ends Jul 2052, second Dec 2056$338,468
New conventional · ends Dec 2056$461,748