Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,545/mo
Lowest payment- Down payment
- $66,649
- Funds due
- $77,423
- Interest + MI left
- $328,991
- First ends
- Oct 2052
Assumption
Assumption + second
$3,003/mo
+$459/mo- Down payment
- $21,649
- Funds due
- $33,688
- Interest + MI left
- $449,069
- First ends
- Oct 2052
New loan
New conventional
$3,088/mo
+$543/mo- Down payment
- $21,649
- Funds due
- $30,439
- Interest + MI left
- $606,198
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $353,351 | $353,351 | $398,351 |
| Second mortgage | — | $45,000 | — |
| First P&I | $2,027.02 | $2,027.02 | $2,758.10 |
| Second P&I | — | $458.55 | — |
| Mortgage insurance | $267.77 | $267.77 | $79.67 |
| Taxes, insurance & HOA | $250.08 | $250.08 | $250.08 |
| Total housing payment | $2,544.87 | $3,003.42 | $3,087.86 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$21,649
Closing costs & prepaids$12,038
Usable credit−$0
Total buyer cash needed$33,688
Earnest money paid−$0
Remaining funds due$33,688
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,200.00
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)$300.25
Prepaid interest, first (1 days)$48.31
Prepaid interest, second (1 days)$14.64
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 11 moOf the original 30-year loan at 4.990%
Interest already paid$74,648Through Nov 2026
Assumption only · ends Oct 2052$328,991
Assumption + second · ends Oct 2052, second Dec 2056$449,069
New conventional · ends Dec 2056$606,198