Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,318/mo
Lowest payment- Down payment
- $47,056
- Funds due
- $57,213
- Interest + MI left
- $310,780
- First ends
- Nov 2052
Assumption
Assumption + second
$2,603/mo
+$285/mo- Down payment
- $19,056
- Funds due
- $30,481
- Interest + MI left
- $385,495
- First ends
- Nov 2052
New loan
New conventional
$2,678/mo
+$360/mo- Down payment
- $19,056
- Funds due
- $27,271
- Interest + MI left
- $526,446
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $317,944 | $317,944 | $345,944 |
| Second mortgage | — | $28,000 | — |
| First P&I | $1,864.31 | $1,864.31 | $2,395.25 |
| Second P&I | — | $285.32 | — |
| Mortgage insurance | $239.95 | $239.95 | $69.19 |
| Taxes, insurance & HOA | $213.58 | $213.58 | $213.58 |
| Total housing payment | $2,317.84 | $2,603.16 | $2,678.02 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,056
Closing costs & prepaids$11,425
Usable credit−$0
Total buyer cash needed$30,481
Earnest money paid−$0
Remaining funds due$30,481
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,650.00
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)$190.75
Prepaid interest, first (2 days)$90.94
Prepaid interest, second (2 days)$18.22
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$68,680Through Nov 2026
Assumption only · ends Nov 2052$310,780
Assumption + second · ends Nov 2052, second Dec 2056$385,495
New conventional · ends Dec 2056$526,446