Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,341/mo
Lowest payment- Down payment
- $183,613
- Funds due
- $193,646
- Interest + MI left
- $156,213
- First ends
- Jul 2052
Assumption
Assumption + second
$2,427/mo
+$1,086/mo- Down payment
- $35,613
- Funds due
- $46,928
- Interest + MI left
- $399,163
- First ends
- Jul 2052
New loan
New conventional
$2,498/mo
+$1,157/mo- Down payment
- $35,613
- Funds due
- $43,531
- Interest + MI left
- $482,097
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $169,887 | $169,887 | $317,887 |
| Second mortgage | — | $148,000 | — |
| First P&I | $978.23 | $978.23 | $2,200.99 |
| Second P&I | — | $1,085.97 | — |
| Mortgage insurance | $129.37 | $129.37 | $63.58 |
| Taxes, insurance & HOA | $233.08 | $233.08 | $233.08 |
| Total housing payment | $1,340.68 | $2,426.65 | $2,497.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$35,613
Closing costs & prepaids$11,315
Usable credit−$0
Total buyer cash needed$46,928
Earnest money paid−$0
Remaining funds due$46,928
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)$249.25
Prepaid interest, first (1 days)$23.18
Prepaid interest, second (1 days)$32.44
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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 8 moOf the original 30-year loan at 4.980%
Interest already paid$38,114Through Nov 2026
Assumption only · ends Jul 2052$156,213
Assumption + second · ends Jul 2052, second Dec 2056$399,163
New conventional · ends Dec 2056$482,097