Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,465/mo
Lowest payment- Down payment
- $97,366
- Funds due
- $108,401
- Interest + MI left
- $314,358
- First ends
- Oct 2052
Assumption
Assumption + second
$2,892/mo
+$426/mo- Down payment
- $44,366
- Funds due
- $56,677
- Interest + MI left
- $414,880
- First ends
- Oct 2052
New loan
New conventional
$3,056/mo
+$590/mo- Down payment
- $44,366
- Funds due
- $53,224
- Interest + MI left
- $592,345
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $337,634 | $337,634 | $390,634 |
| Second mortgage | — | $53,000 | — |
| First P&I | $1,936.86 | $1,936.86 | $2,704.67 |
| Second P&I | — | $426.45 | — |
| Mortgage insurance | $255.86 | $255.86 | $78.13 |
| Taxes, insurance & HOA | $272.75 | $272.75 | $272.75 |
| Total housing payment | $2,465.47 | $2,891.92 | $3,055.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,366
Closing costs & prepaids$12,312
Usable credit−$0
Total buyer cash needed$56,677
Earnest money paid−$0
Remaining funds due$56,677
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,350.00
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)$368.25
Prepaid interest, first (2 days)$92.32
Prepaid interest, second (2 days)$26.14
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 2 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 11 moOf the original 30-year loan at 4.990%
Interest already paid$71,328Through Nov 2026
Assumption only · ends Oct 2052$314,358
Assumption + second · ends Oct 2052, second Dec 2056$414,880
New conventional · ends Dec 2056$592,345