Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,241/mo
Lowest payment- Down payment
- $112,049
- Funds due
- $123,175
- Interest + MI left
- $265,554
- First ends
- Nov 2052
Assumption
Assumption + second
$2,837/mo
+$595/mo- Down payment
- $38,049
- Funds due
- $50,516
- Interest + MI left
- $405,906
- First ends
- Nov 2052
New loan
New conventional
$2,819/mo
+$578/mo- Down payment
- $38,049
- Funds due
- $47,131
- Interest + MI left
- $492,678
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $262,951 | $262,951 | $336,951 |
| Second mortgage | — | $74,000 | — |
| First P&I | $1,574.03 | $1,574.03 | $2,282.62 |
| Second P&I | — | $595.42 | — |
| Mortgage insurance | $198.33 | $198.33 | $67.39 |
| Taxes, insurance & HOA | $468.75 | $468.75 | $468.75 |
| Total housing payment | $2,241.12 | $2,836.54 | $2,818.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,049
Closing costs & prepaids$12,467
Usable credit−$0
Total buyer cash needed$50,516
Earnest money paid−$0
Remaining funds due$50,516
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,750.00
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)$956.25
Prepaid interest, first (5 days)$194.87
Prepaid interest, second (5 days)$91.23
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 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 5.41%
Interest already paid$60,079Through Dec 2026
Assumption only · ends Nov 2052$265,554
Assumption + second · ends Nov 2052, second Jan 2057$405,906
New conventional · ends Jan 2057$492,678