Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,307/mo
Lowest payment- Down payment
- $114,535
- Funds due
- $125,852
- Interest + MI left
- $273,654
- First ends
- Feb 2053
Assumption
Assumption + second
$2,910/mo
+$603/mo- Down payment
- $39,535
- Funds due
- $52,195
- Interest + MI left
- $415,902
- First ends
- Feb 2053
New loan
New conventional
$2,925/mo
+$618/mo- Down payment
- $39,535
- Funds due
- $48,803
- Interest + MI left
- $512,292
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $275,365 | $275,365 | $350,365 |
| Second mortgage | — | $75,000 | — |
| First P&I | $1,618.01 | $1,618.01 | $2,373.49 |
| Second P&I | — | $603.47 | — |
| Mortgage insurance | $207.08 | $207.08 | $70.07 |
| Taxes, insurance & HOA | $481.42 | $481.42 | $481.42 |
| Total housing payment | $2,306.51 | $2,909.98 | $2,924.98 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,535
Closing costs & prepaids$12,660
Usable credit−$0
Total buyer cash needed$52,195
Earnest money paid−$0
Remaining funds due$52,195
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,899.00
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)$994.25
Prepaid interest, first (5 days)$198.79
Prepaid interest, second (5 days)$92.47
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 closing26 yr 2 moOf the original 30-year loan at 5.27%
Interest already paid$57,439Through Dec 2026
Assumption only · ends Feb 2053$273,654
Assumption + second · ends Feb 2053, second Jan 2057$415,902
New conventional · ends Jan 2057$512,292