Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,539/mo
Lowest payment- Down payment
- $149,894
- Funds due
- $162,338
- Interest + MI left
- $283,749
- First ends
- Jun 2052
Assumption
Assumption + second
$3,336/mo
+$797/mo- Down payment
- $50,894
- Funds due
- $64,808
- Interest + MI left
- $471,517
- First ends
- Jun 2052
New loan
New conventional
$3,491/mo
+$953/mo- Down payment
- $50,894
- Funds due
- $61,442
- Interest + MI left
- $655,115
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $349,106 | $349,106 | $448,106 |
| Second mortgage | — | $99,000 | — |
| First P&I | $1,903.99 | $1,903.99 | $3,035.63 |
| Second P&I | — | $796.58 | — |
| Mortgage insurance | $268.69 | $268.69 | $89.62 |
| Taxes, insurance & HOA | $366.25 | $366.25 | $366.25 |
| Total housing payment | $2,538.93 | $3,335.50 | $3,491.50 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$50,894
Closing costs & prepaids$13,914
Usable credit−$0
Total buyer cash needed$64,808
Earnest money paid−$0
Remaining funds due$64,808
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,990.00
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)$598.75
Prepaid interest, first (9 days)$380.48
Prepaid interest, second (9 days)$219.70
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 6 moOf the original 30-year loan at 4.42%
Interest already paid$72,597Through Dec 2026
Assumption only · ends Jun 2052$283,749
Assumption + second · ends Jun 2052, second Jan 2057$471,517
New conventional · ends Jan 2057$655,115