Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,701/mo
Lowest payment- Down payment
- $50,771
- Funds due
- $61,488
- Interest + MI left
- $367,835
- First ends
- Oct 2052
Assumption
Assumption + second
$3,007/mo
+$306/mo- Down payment
- $20,771
- Funds due
- $32,748
- Interest + MI left
- $447,887
- First ends
- Oct 2052
New loan
New conventional
$3,055/mo
+$353/mo- Down payment
- $20,771
- Funds due
- $29,507
- Interest + MI left
- $600,004
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $364,229 | $364,229 | $394,229 |
| Second mortgage | — | $30,000 | — |
| First P&I | $2,180.29 | $2,180.29 | $2,729.56 |
| Second P&I | — | $305.70 | — |
| Mortgage insurance | $274.72 | $274.72 | $78.85 |
| Taxes, insurance & HOA | $246.25 | $246.25 | $246.25 |
| Total housing payment | $2,701.26 | $3,006.96 | $3,054.66 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,771
Closing costs & prepaids$11,977
Usable credit−$0
Total buyer cash needed$32,748
Earnest money paid−$0
Remaining funds due$32,748
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,150.00
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)$288.75
Prepaid interest, first (1 days)$53.99
Prepaid interest, second (1 days)$9.76
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 closing25 yr 11 moOf the original 30-year loan at 5.410%
Interest already paid$83,219Through Nov 2026
Assumption only · ends Oct 2052$367,835
Assumption + second · ends Oct 2052, second Dec 2056$447,887
New conventional · ends Dec 2056$600,004