Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,301/mo
Lowest payment- Down payment
- $87,219
- Funds due
- $98,066
- Interest + MI left
- $276,311
- First ends
- Nov 2052
Assumption
Assumption + second
$2,704/mo
+$402/mo- Down payment
- $37,219
- Funds due
- $49,341
- Interest + MI left
- $371,143
- First ends
- Nov 2052
New loan
New conventional
$2,801/mo
+$499/mo- Down payment
- $37,219
- Funds due
- $45,947
- Interest + MI left
- $504,533
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $282,681 | $282,681 | $332,681 |
| Second mortgage | — | $50,000 | — |
| First P&I | $1,657.54 | $1,657.54 | $2,303.42 |
| Second P&I | — | $402.31 | — |
| Mortgage insurance | $213.34 | $213.34 | $66.54 |
| Taxes, insurance & HOA | $430.58 | $430.58 | $430.58 |
| Total housing payment | $2,301.45 | $2,703.77 | $2,800.54 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$37,219
Closing costs & prepaids$12,121
Usable credit−$0
Total buyer cash needed$49,341
Earnest money paid−$0
Remaining funds due$49,341
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,699.00
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)$541.75
Initial HOA (3 months)$300.00
Prepaid interest, first (2 days)$80.85
Prepaid interest, second (2 days)$24.66
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$61,062Through Nov 2026
Assumption only · ends Nov 2052$276,311
Assumption + second · ends Nov 2052, second Dec 2056$371,143
New conventional · ends Dec 2056$504,533