Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,964/mo
Lowest payment- Down payment
- $192,384
- Funds due
- $205,893
- Interest + MI left
- $359,751
- First ends
- Jul 2052
Assumption
Assumption + second
$3,940/mo
+$976/mo- Down payment
- $59,384
- Funds due
- $74,406
- Interest + MI left
- $578,078
- First ends
- Jul 2052
New loan
New conventional
$4,066/mo
+$1,102/mo- Down payment
- $59,384
- Funds due
- $70,948
- Interest + MI left
- $768,432
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $392,616 | $392,616 | $525,616 |
| Second mortgage | — | $133,000 | — |
| First P&I | $2,264.36 | $2,264.36 | $3,560.71 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $299.46 | $299.46 | $105.12 |
| Taxes, insurance & HOA | $400.67 | $400.67 | $400.67 |
| Total housing payment | $2,964.49 | $3,940.40 | $4,066.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$59,384
Closing costs & prepaids$15,021
Usable credit−$0
Total buyer cash needed$74,406
Earnest money paid−$0
Remaining funds due$74,406
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,850.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$702.00
Prepaid interest, first (9 days)$482.11
Prepaid interest, second (9 days)$262.36
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$89,856Through Dec 2026
Assumption only · ends Jul 2052$359,751
Assumption + second · ends Jul 2052, second Jan 2057$578,078
New conventional · ends Jan 2057$768,432