Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,694/mo
Lowest payment- Down payment
- $73,008
- Funds due
- $83,992
- Interest + MI left
- $355,631
- First ends
- Aug 2052
Assumption
Assumption + second
$2,928/mo
+$233/mo- Down payment
- $44,008
- Funds due
- $56,249
- Interest + MI left
- $410,634
- First ends
- Aug 2052
New loan
New conventional
$3,073/mo
+$379/mo- Down payment
- $44,008
- Funds due
- $52,779
- Interest + MI left
- $600,549
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $366,992 | $366,992 | $395,992 |
| Second mortgage | — | $29,000 | — |
| First P&I | $2,163.94 | $2,163.94 | $2,741.77 |
| Second P&I | — | $233.34 | — |
| Mortgage insurance | $278.20 | $278.20 | $79.20 |
| Taxes, insurance & HOA | $252.08 | $252.08 | $252.08 |
| Total housing payment | $2,694.23 | $2,927.57 | $3,073.05 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$44,008
Closing costs & prepaids$12,241
Usable credit−$0
Total buyer cash needed$56,249
Earnest money paid−$0
Remaining funds due$56,249
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,400.00
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)$306.25
Prepaid interest, first (1 days)$52.59
Prepaid interest, second (1 days)$7.15
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 closing25 yr 9 moOf the original 30-year loan at 5.230%
Interest already paid$84,598Through Nov 2026
Assumption only · ends Aug 2052$355,631
Assumption + second · ends Aug 2052, second Dec 2056$410,634
New conventional · ends Dec 2056$600,549