Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,013/mo
Lowest payment- Down payment
- $73,723
- Funds due
- $85,681
- Interest + MI left
- $387,349
- First ends
- Nov 2052
Assumption
Assumption + second
$3,222/mo
+$209/mo- Down payment
- $47,723
- Funds due
- $60,944
- Interest + MI left
- $436,661
- First ends
- Nov 2052
New loan
New conventional
$3,398/mo
+$386/mo- Down payment
- $47,723
- Funds due
- $57,463
- Interest + MI left
- $640,327
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $396,277 | $396,277 | $422,277 |
| Second mortgage | — | $26,000 | — |
| First P&I | $2,323.63 | $2,323.63 | $2,923.76 |
| Second P&I | — | $209.20 | — |
| Mortgage insurance | $299.07 | $299.07 | $84.46 |
| Taxes, insurance & HOA | $390.17 | $390.17 | $390.17 |
| Total housing payment | $3,012.86 | $3,222.06 | $3,398.39 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,723
Closing costs & prepaids$13,222
Usable credit−$0
Total buyer cash needed$60,944
Earnest money paid−$0
Remaining funds due$60,944
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,700.00
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)$557.50
Initial HOA (3 months)$113.01
Prepaid interest, first (2 days)$113.35
Prepaid interest, second (2 days)$12.82
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 5.220%
Interest already paid$85,601Through Nov 2026
Assumption only · ends Nov 2052$387,349
Assumption + second · ends Nov 2052, second Dec 2056$436,661
New conventional · ends Dec 2056$640,327