Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,372/mo
Lowest payment- Down payment
- $168,625
- Funds due
- $180,388
- Interest + MI left
- $303,382
- First ends
- Nov 2052
Assumption
Assumption + second
$3,253/mo
+$881/mo- Down payment
- $48,625
- Funds due
- $61,664
- Interest + MI left
- $500,368
- First ends
- Nov 2052
New loan
New conventional
$3,384/mo
+$1,012/mo- Down payment
- $48,625
- Funds due
- $58,145
- Interest + MI left
- $652,607
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $310,375 | $310,375 | $430,375 |
| Second mortgage | — | $120,000 | — |
| First P&I | $1,819.93 | $1,819.93 | $2,979.83 |
| Second P&I | — | $880.52 | — |
| Mortgage insurance | $234.24 | $234.24 | $86.08 |
| Taxes, insurance & HOA | $317.83 | $317.83 | $317.83 |
| Total housing payment | $2,372.00 | $3,252.51 | $3,383.74 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$48,625
Closing costs & prepaids$13,039
Usable credit−$0
Total buyer cash needed$61,664
Earnest money paid−$0
Remaining funds due$61,664
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$4,790.00
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)$453.50
Prepaid interest, first (1 days)$44.39
Prepaid interest, second (1 days)$26.30
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$67,045Through Nov 2026
Assumption only · ends Nov 2052$303,382
Assumption + second · ends Nov 2052, second Dec 2056$500,368
New conventional · ends Dec 2056$652,607