Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,123/mo
Lowest payment- Down payment
- $123,270
- Funds due
- $135,751
- Interest + MI left
- $412,227
- First ends
- Nov 2052
Assumption
Assumption + second
$3,670/mo
+$547/mo- Down payment
- $55,270
- Funds due
- $69,018
- Interest + MI left
- $541,198
- First ends
- Nov 2052
New loan
New conventional
$3,821/mo
+$698/mo- Down payment
- $55,270
- Funds due
- $65,437
- Interest + MI left
- $742,609
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $421,729 | $421,729 | $489,729 |
| Second mortgage | — | $68,000 | — |
| First P&I | $2,472.86 | $2,472.86 | $3,390.78 |
| Second P&I | — | $547.14 | — |
| Mortgage insurance | $318.27 | $318.27 | $97.95 |
| Taxes, insurance & HOA | $331.92 | $331.92 | $331.92 |
| Total housing payment | $3,123.05 | $3,670.20 | $3,820.65 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$55,270
Closing costs & prepaids$13,748
Usable credit−$0
Total buyer cash needed$69,018
Earnest money paid−$0
Remaining funds due$69,018
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$5,449.99
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)$495.75
Prepaid interest, first (1 days)$60.31
Prepaid interest, second (1 days)$16.77
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$91,098Through Nov 2026
Assumption only · ends Nov 2052$412,227
Assumption + second · ends Nov 2052, second Dec 2056$541,198
New conventional · ends Dec 2056$742,609