Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,072/mo
Lowest payment- Down payment
- $44,603
- Funds due
- $55,095
- Interest + MI left
- $187,328
- First ends
- Apr 2052
Assumption
Assumption + second
$2,357/mo
+$285/mo- Down payment
- $16,603
- Funds due
- $28,391
- Interest + MI left
- $262,043
- First ends
- Apr 2052
New loan
New conventional
$2,608/mo
+$537/mo- Down payment
- $16,603
- Funds due
- $25,298
- Interest + MI left
- $458,463
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $284,397 | $284,397 | $312,397 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,419.70 | $1,419.70 | $2,116.29 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $222.56 | $222.56 | $62.48 |
| Taxes, insurance & HOA | $429.67 | $429.67 | $429.67 |
| Total housing payment | $2,071.93 | $2,357.25 | $2,608.43 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,603
Closing costs & prepaids$11,788
Usable credit−$0
Total buyer cash needed$28,391
Earnest money paid−$0
Remaining funds due$28,391
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,290.00
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)$839.00
Prepaid interest, first (5 days)$138.30
Prepaid interest, second (5 days)$45.55
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 4 moOf the original 30-year loan at 3.55%
Interest already paid$49,696Through Dec 2026
Assumption only · ends Apr 2052$187,328
Assumption + second · ends Apr 2052, second Jan 2057$262,043
New conventional · ends Jan 2057$458,463