Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,840/mo
Lowest payment- Down payment
- $71,359
- Funds due
- $81,147
- Interest + MI left
- $223,391
- First ends
- Nov 2052
Assumption
Assumption + second
$2,170/mo
+$330/mo- Down payment
- $30,359
- Funds due
- $41,407
- Interest + MI left
- $301,154
- First ends
- Nov 2052
New loan
New conventional
$2,247/mo
+$408/mo- Down payment
- $30,359
- Funds due
- $38,065
- Interest + MI left
- $408,723
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $228,541 | $228,541 | $269,541 |
| Second mortgage | — | $41,000 | — |
| First P&I | $1,340.08 | $1,340.08 | $1,866.25 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | $172.48 | $172.48 | $53.91 |
| Taxes, insurance & HOA | $327.08 | $327.08 | $327.08 |
| Total housing payment | $1,839.64 | $2,169.53 | $2,247.24 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$30,359
Closing costs & prepaids$11,048
Usable credit−$0
Total buyer cash needed$41,407
Earnest money paid−$0
Remaining funds due$41,407
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$2,999.00
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)$293.25
Initial HOA (3 months)$237.99
Prepaid interest, first (1 days)$32.68
Prepaid interest, second (1 days)$10.11
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 closing26 yrOf the original 30-year loan at 5.220%
Interest already paid$49,367Through Nov 2026
Assumption only · ends Nov 2052$223,391
Assumption + second · ends Nov 2052, second Dec 2056$301,154
New conventional · ends Dec 2056$408,723