Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,750/mo
Lowest payment- Down payment
- $72,537
- Funds due
- $82,051
- Interest + MI left
- $218,349
- First ends
- Jul 2052
Assumption
Assumption + second
$2,080/mo
+$330/mo- Down payment
- $31,537
- Funds due
- $42,311
- Interest + MI left
- $296,112
- First ends
- Jul 2052
New loan
New conventional
$2,186/mo
+$436/mo- Down payment
- $31,537
- Funds due
- $38,959
- Interest + MI left
- $422,252
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $237,463 | $237,463 | $278,463 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,367.33 | $1,367.33 | $1,928.02 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $180.83 | $180.83 | $55.69 |
| Taxes, insurance & HOA | $202.08 | $202.08 | $202.08 |
| Total housing payment | $1,750.25 | $2,080.14 | $2,185.80 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$31,537
Closing costs & prepaids$10,774
Usable credit−$0
Total buyer cash needed$42,311
Earnest money paid−$0
Remaining funds due$42,311
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,100.00
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)$156.25
Prepaid interest, first (1 days)$32.40
Prepaid interest, second (1 days)$10.11
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$53,274Through Nov 2026
Assumption only · ends Jul 2052$218,349
Assumption + second · ends Jul 2052, second Dec 2056$296,112
New conventional · ends Dec 2056$422,252