Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,820/mo
Lowest payment- Down payment
- $86,327
- Funds due
- $98,262
- Interest + MI left
- $362,996
- First ends
- Nov 2052
Assumption
Assumption + second
$3,142/mo
+$322/mo- Down payment
- $46,327
- Funds due
- $59,571
- Interest + MI left
- $438,861
- First ends
- Nov 2052
New loan
New conventional
$3,228/mo
+$408/mo- Down payment
- $46,327
- Funds due
- $56,167
- Interest + MI left
- $603,396
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $372,673 | $372,673 | $412,673 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,188.53 | $2,188.53 | $2,795.59 |
| Second P&I | — | $321.85 | — |
| Mortgage insurance | $281.68 | $281.68 | $82.53 |
| Taxes, insurance & HOA | $350.25 | $350.25 | $350.25 |
| Total housing payment | $2,820.46 | $3,142.31 | $3,228.38 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,327
Closing costs & prepaids$13,245
Usable credit−$0
Total buyer cash needed$59,571
Earnest money paid−$0
Remaining funds due$59,571
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,590.00
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)$550.75
Prepaid interest, first (6 days)$319.78
Prepaid interest, second (6 days)$59.18
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 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 11 moOf the original 30-year loan at 5.22%
Interest already paid$82,247Through Dec 2026
Assumption only · ends Nov 2052$362,996
Assumption + second · ends Nov 2052, second Jan 2057$438,861
New conventional · ends Jan 2057$603,396