Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,873/mo
Lowest payment- Down payment
- $191,752
- Funds due
- $204,559
- Interest + MI left
- $361,596
- First ends
- Jul 2052
Assumption
Assumption + second
$3,849/mo
+$976/mo- Down payment
- $58,752
- Funds due
- $72,838
- Interest + MI left
- $579,922
- First ends
- Jul 2052
New loan
New conventional
$4,058/mo
+$1,185/mo- Down payment
- $58,752
- Funds due
- $69,225
- Interest + MI left
- $798,090
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $393,248 | $393,248 | $526,248 |
| Second mortgage | — | $133,000 | — |
| First P&I | $2,264.36 | $2,264.36 | $3,643.63 |
| Second P&I | — | $975.91 | — |
| Mortgage insurance | $299.46 | $299.46 | $105.25 |
| Taxes, insurance & HOA | $309.50 | $309.50 | $309.50 |
| Total housing payment | $2,873.32 | $3,849.23 | $4,058.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$58,752
Closing costs & prepaids$14,086
Usable credit−$0
Total buyer cash needed$72,838
Earnest money paid−$0
Remaining funds due$72,838
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)$428.50
Prepaid interest, first (1 days)$53.65
Prepaid interest, second (1 days)$29.15
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$88,224Through Nov 2026
Assumption only · ends Jul 2052$361,596
Assumption + second · ends Jul 2052, second Dec 2056$579,922
New conventional · ends Dec 2056$798,090