Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,435/mo
Lowest payment- Down payment
- $131,662
- Funds due
- $143,452
- Interest + MI left
- $266,890
- First ends
- Nov 2052
Assumption
Assumption + second
$3,175/mo
+$740/mo- Down payment
- $39,662
- Funds due
- $52,747
- Interest + MI left
- $441,381
- First ends
- Nov 2052
New loan
New conventional
$3,194/mo
+$759/mo- Down payment
- $39,662
- Funds due
- $49,321
- Interest + MI left
- $538,894
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $263,338 | $263,338 | $355,338 |
| Second mortgage | — | $92,000 | — |
| First P&I | $1,574.03 | $1,574.03 | $2,460.29 |
| Second P&I | — | $740.25 | — |
| Mortgage insurance | $198.33 | $198.33 | $71.07 |
| Taxes, insurance & HOA | $662.17 | $662.17 | $662.17 |
| Total housing payment | $2,434.53 | $3,174.79 | $3,193.52 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$39,662
Closing costs & prepaids$13,085
Usable credit−$0
Total buyer cash needed$52,747
Earnest money paid−$0
Remaining funds due$52,747
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,950.00
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)$1,536.50
Prepaid interest, first (2 days)$78.06
Prepaid interest, second (2 days)$45.37
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 closing26 yrOf the original 30-year loan at 5.410%
Interest already paid$58,892Through Nov 2026
Assumption only · ends Nov 2052$266,890
Assumption + second · ends Nov 2052, second Dec 2056$441,381
New conventional · ends Dec 2056$538,894