Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,971/mo
Lowest payment- Down payment
- $182,232
- Funds due
- $195,424
- Interest + MI left
- $356,181
- First ends
- Sep 2052
Assumption
Assumption + second
$3,917/mo
+$947/mo- Down payment
- $53,232
- Funds due
- $67,731
- Interest + MI left
- $567,941
- First ends
- Sep 2052
New loan
New conventional
$3,997/mo
+$1,026/mo- Down payment
- $53,232
- Funds due
- $64,180
- Interest + MI left
- $721,534
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $346,768 | $346,768 | $475,768 |
| Second mortgage | — | $129,000 | — |
| First P&I | $2,101.78 | $2,101.78 | $3,294.12 |
| Second P&I | — | $946.56 | — |
| Mortgage insurance | $261.62 | $261.62 | $95.15 |
| Taxes, insurance & HOA | $607.50 | $607.50 | $607.50 |
| Total housing payment | $2,970.90 | $3,917.46 | $3,996.78 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$53,232
Closing costs & prepaids$14,499
Usable credit−$0
Total buyer cash needed$67,731
Earnest money paid−$0
Remaining funds due$67,731
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,290.00
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)$1,322.50
Prepaid interest, first (2 days)$104.89
Prepaid interest, second (2 days)$56.55
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$82,505Through Nov 2026
Assumption only · ends Sep 2052$356,181
Assumption + second · ends Sep 2052, second Dec 2056$567,941
New conventional · ends Dec 2056$721,534