Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,636/mo
Lowest payment- Down payment
- $78,916
- Funds due
- $89,927
- Interest + MI left
- $350,343
- First ends
- Sep 2052
Assumption
Assumption + second
$2,925/mo
+$290/mo- Down payment
- $42,916
- Funds due
- $55,195
- Interest + MI left
- $418,622
- First ends
- Sep 2052
New loan
New conventional
$2,997/mo
+$362/mo- Down payment
- $42,916
- Funds due
- $51,748
- Interest + MI left
- $571,798
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $341,084 | $341,084 | $377,084 |
| Second mortgage | — | $36,000 | — |
| First P&I | $2,067.33 | $2,067.33 | $2,610.85 |
| Second P&I | — | $289.66 | — |
| Mortgage insurance | $257.34 | $257.34 | $75.42 |
| Taxes, insurance & HOA | $311.08 | $311.08 | $311.08 |
| Total housing payment | $2,635.75 | $2,925.41 | $2,997.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,916
Closing costs & prepaids$12,279
Usable credit−$0
Total buyer cash needed$55,195
Earnest money paid−$0
Remaining funds due$55,195
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)$483.25
Prepaid interest, first (2 days)$103.17
Prepaid interest, second (2 days)$17.75
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 10 moOf the original 30-year loan at 5.520%
Interest already paid$81,153Through Nov 2026
Assumption only · ends Sep 2052$350,343
Assumption + second · ends Sep 2052, second Dec 2056$418,622
New conventional · ends Dec 2056$571,798