Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,568/mo
Lowest payment- Down payment
- $70,871
- Funds due
- $82,229
- Interest + MI left
- $297,484
- First ends
- Oct 2052
Assumption
Assumption + second
$2,818/mo
+$249/mo- Down payment
- $39,871
- Funds due
- $52,517
- Interest + MI left
- $356,280
- First ends
- Oct 2052
New loan
New conventional
$2,935/mo
+$367/mo- Down payment
- $39,871
- Funds due
- $49,156
- Interest + MI left
- $514,069
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $320,629 | $320,629 | $351,629 |
| Second mortgage | — | $31,000 | — |
| First P&I | $1,842.21 | $1,842.21 | $2,382.06 |
| Second P&I | — | $249.43 | — |
| Mortgage insurance | $243.36 | $243.36 | $70.33 |
| Taxes, insurance & HOA | $482.75 | $482.75 | $482.75 |
| Total housing payment | $2,568.32 | $2,817.75 | $2,935.13 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,871
Closing costs & prepaids$12,646
Usable credit−$0
Total buyer cash needed$52,517
Earnest money paid−$0
Remaining funds due$52,517
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,915.00
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)$998.25
Prepaid interest, first (5 days)$219.17
Prepaid interest, second (5 days)$38.22
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 10 moOf the original 30-year loan at 4.99%
Interest already paid$69,178Through Dec 2026
Assumption only · ends Oct 2052$297,484
Assumption + second · ends Oct 2052, second Jan 2057$356,280
New conventional · ends Jan 2057$514,069