Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,932/mo
Lowest payment- Down payment
- $76,372
- Funds due
- $88,288
- Interest + MI left
- $392,464
- First ends
- Nov 2052
Assumption
Assumption + second
$3,174/mo
+$241/mo- Down payment
- $46,372
- Funds due
- $59,583
- Interest + MI left
- $449,363
- First ends
- Nov 2052
New loan
New conventional
$3,199/mo
+$266/mo- Down payment
- $46,372
- Funds due
- $56,162
- Interest + MI left
- $597,400
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $378,628 | $378,628 | $408,628 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,298.41 | $2,298.41 | $2,768.19 |
| Second P&I | — | $241.39 | — |
| Mortgage insurance | $285.16 | $285.16 | $81.73 |
| Taxes, insurance & HOA | $348.67 | $348.67 | $348.67 |
| Total housing payment | $2,932.23 | $3,173.62 | $3,198.58 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$46,372
Closing costs & prepaids$13,211
Usable credit−$0
Total buyer cash needed$59,583
Earnest money paid−$0
Remaining funds due$59,583
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,550.00
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)$546.00
Prepaid interest, first (6 days)$345.43
Prepaid interest, second (6 days)$44.38
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 5.55%
Interest already paid$88,677Through Dec 2026
Assumption only · ends Nov 2052$392,464
Assumption + second · ends Nov 2052, second Jan 2057$449,363
New conventional · ends Jan 2057$597,400