Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,399/mo
Lowest payment- Down payment
- $183,886
- Funds due
- $194,279
- Interest + MI left
- $155,416
- First ends
- Jul 2052
Assumption
Assumption + second
$2,485/mo
+$1,086/mo- Down payment
- $35,886
- Funds due
- $47,821
- Interest + MI left
- $398,366
- First ends
- Jul 2052
New loan
New conventional
$2,507/mo
+$1,108/mo- Down payment
- $35,886
- Funds due
- $44,474
- Interest + MI left
- $464,341
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,614 | $169,614 | $317,614 |
| Second mortgage | — | $148,000 | — |
| First P&I | $978.23 | $978.23 | $2,151.63 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $129.37 | $129.37 | $63.52 |
| Taxes, insurance & HOA | $291.42 | $291.42 | $291.42 |
| Total housing payment | $1,399.01 | $2,484.98 | $2,506.57 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,886
Closing costs & prepaids$11,934
Usable credit−$0
Total buyer cash needed$47,821
Earnest money paid−$0
Remaining funds due$47,821
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,535.00
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)$424.25
Prepaid interest, first (9 days)$208.28
Prepaid interest, second (9 days)$291.95
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 9 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 4.98%
Interest already paid$38,819Through Dec 2026
Assumption only · ends Jul 2052$155,416
Assumption + second · ends Jul 2052, second Jan 2057$398,366
New conventional · ends Jan 2057$464,341