Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,471/mo
Lowest payment- Down payment
- $96,611
- Funds due
- $108,063
- Interest + MI left
- $277,992
- First ends
- Jul 2052
Assumption
Assumption + second
$2,922/mo
+$451/mo- Down payment
- $40,611
- Funds due
- $53,382
- Interest + MI left
- $384,204
- First ends
- Jul 2052
New loan
New conventional
$2,996/mo
+$525/mo- Down payment
- $40,611
- Funds due
- $50,003
- Interest + MI left
- $525,413
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,388 | $303,388 | $359,388 |
| Second mortgage | — | $56,000 | — |
| First P&I | $1,749.75 | $1,749.75 | $2,434.62 |
| Second P&I | — | $450.59 | — |
| Mortgage insurance | $231.41 | $231.41 | $71.88 |
| Taxes, insurance & HOA | $490.00 | $490.00 | $490.00 |
| Total housing payment | $2,471.16 | $2,921.75 | $2,996.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$40,611
Closing costs & prepaids$12,771
Usable credit−$0
Total buyer cash needed$53,382
Earnest money paid−$0
Remaining funds due$53,382
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,999.99
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)$1,020.00
Prepaid interest, first (5 days)$206.97
Prepaid interest, second (5 days)$69.04
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 7 moOf the original 30-year loan at 4.98%
Interest already paid$69,435Through Dec 2026
Assumption only · ends Jul 2052$277,992
Assumption + second · ends Jul 2052, second Jan 2057$384,204
New conventional · ends Jan 2057$525,413