Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,467/mo
Lowest payment- Down payment
- $60,124
- Funds due
- $71,130
- Interest + MI left
- $285,672
- First ends
- Jul 2052
Assumption
Assumption + second
$2,884/mo
+$418/mo- Down payment
- $19,124
- Funds due
- $31,447
- Interest + MI left
- $395,077
- First ends
- Jul 2052
New loan
New conventional
$2,865/mo
+$398/mo- Down payment
- $19,124
- Funds due
- $28,265
- Interest + MI left
- $506,059
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $303,876 | $303,876 | $344,876 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,775.77 | $1,775.77 | $2,336.31 |
| Second P&I | — | $417.79 | — |
| Mortgage insurance | $231.41 | $231.41 | $68.98 |
| Taxes, insurance & HOA | $459.42 | $459.42 | $459.42 |
| Total housing payment | $2,466.59 | $2,884.38 | $2,864.70 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,124
Closing costs & prepaids$12,323
Usable credit−$0
Total buyer cash needed$31,447
Earnest money paid−$0
Remaining funds due$31,447
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,640.00
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)$928.25
Prepaid interest, first (5 days)$212.71
Prepaid interest, second (5 days)$66.70
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 5.11%
Interest already paid$71,302Through Dec 2026
Assumption only · ends Jul 2052$285,672
Assumption + second · ends Jul 2052, second Jan 2057$395,077
New conventional · ends Jan 2057$506,059