Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,263/mo
Lowest payment- Down payment
- $52,822
- Funds due
- $63,286
- Interest + MI left
- $273,796
- First ends
- Oct 2052
Assumption
Assumption + second
$2,630/mo
+$367/mo- Down payment
- $16,822
- Funds due
- $28,583
- Interest + MI left
- $369,859
- First ends
- Oct 2052
New loan
New conventional
$2,560/mo
+$297/mo- Down payment
- $16,822
- Funds due
- $25,396
- Interest + MI left
- $446,757
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $272,078 | $272,078 | $308,078 |
| Second mortgage | — | $36,000 | — |
| First P&I | $1,631.08 | $1,631.08 | $2,072.46 |
| Second P&I | — | $366.84 | — |
| Mortgage insurance | $205.52 | $205.52 | $61.62 |
| Taxes, insurance & HOA | $426.17 | $426.17 | $426.17 |
| Total housing payment | $2,262.76 | $2,629.60 | $2,560.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,822
Closing costs & prepaids$11,761
Usable credit−$0
Total buyer cash needed$28,583
Earnest money paid−$0
Remaining funds due$28,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,249.00
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)$828.50
Prepaid interest, first (4 days)$161.31
Prepaid interest, second (4 days)$46.85
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 4 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 5.41%
Interest already paid$63,484Through Dec 2026
Assumption only · ends Oct 2052$273,796
Assumption + second · ends Oct 2052, second Jan 2057$369,859
New conventional · ends Jan 2057$446,757