Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,267/mo
Lowest payment- Down payment
- $43,595
- Funds due
- $53,827
- Interest + MI left
- $279,952
- First ends
- Nov 2052
Assumption
Assumption + second
$2,543/mo
+$275/mo- Down payment
- $16,595
- Funds due
- $28,086
- Interest + MI left
- $351,999
- First ends
- Nov 2052
New loan
New conventional
$2,605/mo
+$337/mo- Down payment
- $16,595
- Funds due
- $24,883
- Interest + MI left
- $476,992
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $286,405 | $286,405 | $313,405 |
| Second mortgage | — | $27,000 | — |
| First P&I | $1,679.37 | $1,679.37 | $2,169.95 |
| Second P&I | — | $275.13 | — |
| Mortgage insurance | $216.15 | $216.15 | $62.68 |
| Taxes, insurance & HOA | $371.91 | $371.91 | $371.91 |
| Total housing payment | $2,267.43 | $2,542.56 | $2,604.55 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$16,595
Closing costs & prepaids$11,490
Usable credit−$0
Total buyer cash needed$28,086
Earnest money paid−$0
Remaining funds due$28,086
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,300.00
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)$370.75
Initial HOA (3 months)$294.99
Prepaid interest, first (1 days)$40.96
Prepaid interest, second (1 days)$8.78
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 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$61,867Through Nov 2026
Assumption only · ends Nov 2052$279,952
Assumption + second · ends Nov 2052, second Dec 2056$351,999
New conventional · ends Dec 2056$476,992