Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,057/mo
Lowest payment- Down payment
- $62,194
- Funds due
- $70,605
- Interest + MI left
- $117,958
- First ends
- Nov 2052
Assumption
Assumption + second
$1,403/mo
+$346/mo- Down payment
- $19,194
- Funds due
- $28,876
- Interest + MI left
- $199,514
- First ends
- Nov 2052
New loan
New conventional
$1,432/mo
+$375/mo- Down payment
- $19,194
- Funds due
- $25,646
- Interest + MI left
- $251,390
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $122,806 | $122,806 | $165,806 |
| Second mortgage | — | $43,000 | — |
| First P&I | $713.53 | $713.53 | $1,148.01 |
| Second P&I | — | $345.99 | — |
| Mortgage insurance | $92.77 | $92.77 | $33.16 |
| Taxes, insurance & HOA | $250.50 | $250.50 | $250.50 |
| Total housing payment | $1,056.80 | $1,402.79 | $1,431.67 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$19,194
Closing costs & prepaids$9,682
Usable credit−$0
Total buyer cash needed$28,876
Earnest money paid−$0
Remaining funds due$28,876
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$1,850.00
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)$301.50
Prepaid interest, first (2 days)$34.52
Prepaid interest, second (2 days)$21.21
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 5.130%
Interest already paid$26,084Through Nov 2026
Assumption only · ends Nov 2052$117,958
Assumption + second · ends Nov 2052, second Dec 2056$199,514
New conventional · ends Dec 2056$251,390